The FCA continues to stress the urgency for further understanding of the assets under advice landscape and sent a survey to 20 of the largest advice firms in February 2024. 

While the outcome of this review is yet to be shared, firms should take the opportunity to proactively assess their own ongoing advice services’ policies and processes. Especially as, along with the regulator’s activities, claims management companies have also been swift to engage clients and lodge complaints against wealth management firms involved in this ongoing advice service exercise. 

Time is critical for ongoing service providers to take stock and expedite action. Yet knowing where to start can seem a daunting prospect. 

Prove your advice provision 

The good news is Recordsure has the technology and the experience to help. Our ReviewAI document analytics solutions are designed and configured to expedite the proving of advice provision according to ongoing advice service agreements in six simple steps:

1. Sourcing data per customer to construct a ‘what should have happened’ timeline according to their agreement records, platform reserve drawdowns and direct debit history.

2. Our AI classifies documents and other records into evidence types. This dates and matches them against your service period timeline to cohort your customers.

3. You can rapidly remediate the customers with no evidence of advice on file, with the option to take ‘fully populated’ cases automatically out-of-scope.

4. A purpose-configured workflow system drives the remaining cases through a past business review cycle in a consistent and measurable manner. If preferred, this stage can be easily integrated with your existing workflow system.

5. Our AI finds candidates with evidence of interactions with customers, consideration of their circumstances, and an advice conclusion. AI also finds ongoing advice service agreement details to help augment your timeline and evidence attempts to offer advice to your customer.

6. Our review team uses a purpose-designed user experience to verify advice evidence and record proof of findings. Recordsure ReviewAI’s adaptable, modular approach can evolve alongside your needs and the FCA’s intent. We give you the best tools to ensure that your ongoing advice services are compliant and deliver fair value for your clients.

Recordsure – Achieve 100% oversight and efficient evidencing of outcomes

Revolutionise your ongoing advice service processes with ReviewAI

ReviewAI is designed to streamline your processes and enhance efficiency to ensure that you’re fulfilling your client commitments. 

Here’s how:

• Ingest all new documentation loaded onto the practice management system (PMS)

• Assess cases on the anniversary of previous advice to determine whether there’s sufficient documentation to justify the charging of ongoing advice service fees

• Flag within your PMS when an annual review is missing or incomplete, so that compliance leads can easily report on, and resolve missed or perfunctory reviews before they become a problem

• Where a detailed review of the case is required, ReviewAI will take a lot of the legwork away, enabling suitability reviews to be done 50% faster when compared to human review alone.

Plus, you’re creating authoritative records and audit trails necessary for compliance. 

Recordsure ranked 7th on our RegTech 50 in late 2023

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