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11th March 2020

Compeer: Compliance 2020 – RegTech & SMCR Top of the Agenda

Author: TriLine GRC

Last week, financial services professionals from around the UK met at Fishmongers’ Hall in London for ‘Compliance 2020 - Impact on a Business & Personal Perspective’, Compeer’s annual event surrounding regulatory compliance in the financial sector, especially Wealth Management firms.

The main talking points on the day were the rise of RegTech as a means to evidence good governance and regulatory compliance, especially surrounding SMCR. And of course the B word - Brexit, and how the sector perceive it being a catalyst for regulatory change in the UK through 2020 and beyond.

One of the main presentations of the day came from Tom Thwaites, Analyst at Compeer. Tom presented research taken from a panel of wealth management professionals. According to the research, 60% of firms expected regulatory change to be higher in 2020 & 2021 than in 2019.

As well as researching the expectation of regulatory change across the industry, Tom also presented qualitative data documenting the industry professionals’ attitude towards RegTech, one of those surveyed said;

“New products need to be designed with the knowledge of exactly how they will be used in everyday work within wealth management”.

Some other feedback was similar, with it being clear that what is important to Wealth Management firms, is a RegTech solution that is bespoke to their particular needs, as opposed to an ‘out the box’ solution that covers all regulated industries.

It was clear from the research that some firms still consider RegTech to be in its infancy, and that they are looking for a) A solution provider who understand their particular needs, and can deliver bespoke solutions to them, and b) A Solution provider who clearly understand the Wealth Management industry, and are more than just a software provider.

Triline GRC will be continuing to attend Wealth Management industry events throughout 2020 and beyond. Having recently joined PIMFA as an Associate Member we are looking to regularly engage with both PIMFA and IA members, in order to continue to build tailored RegTech solutions for Wealth and Investment Management firms.

 

Are you a Wealth Management firm looking to learn how Triline GRC can help you demonstrate good governance and regulatory compliance? Just get in touch below and we will be provide a demonstration of how our solution can support your specific governance controls.

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