Since restructuring in 2021, the Financial Conduct Authority, the UK’s financial services regulator, has prioritised making better and more innovative use of data. As set out in their 2021-22 business plan, they aim to become a ‘data-led regulator’. This data-led approach is now a key part of how the FCA operates, but many businesses are still not 100% sure what this actually means in practice and how streamlining their FCA data can benefit them.
Let’s take a closer look at how businesses can take advantage of the FCA’s approach.
Better Compliance
As a financial regulator, one of the FCA’s core responsibilities is to ensure businesses that fall under its remit are compliant with the regulations it sets out. It has decided that data analysis is one of the easiest and most efficient ways of doing this. For businesses of all sizes answerable to the FCA, that means regular cleaning and updating FCA data ensures they stay compliant with regulatory requirements. Not only does this significantly reduce the risk of potential fines or penalties, but it could also save valuable time going through the investigation process.
Better Decision Making
As the data required by the FCA needs to hit certain elevated standards, it might seem like this could be a drawback. However, businesses should learn the value of clean, accurate data and how to use it to their advantage. Streamlining FCA data enables financial institutions to make informed decisions based on reliable information. Not only does this enhance operational efficiency but it also reduces the likelihood of errors.
More Targeted Relationship Building
By maintaining clean and updated FCA data, businesses are able to deliver more personalised and relevant experiences to their B2B clients. This is a key part of fostering stronger relationships and understanding the value of building partnerships over time. With outdated or inaccurate data, it can be harder to gain clear insight into what their intermediaries want and need. The FCA Directory persons register also provides information about the people who work in financial services, their positions and roles within organisations. You can harness this to ensure you are talking to the right people and not wasting time and resources.
Reputation Management
For any business, but especially one operating in the financial sector, the trust of intermediaries, partners, and other stakeholders is everything. If something happens to damage this trust, years of hard work can be undone in moments – and it can be very hard to win back. Keeping FCA data up-to-date helps identify and mitigate potential risks, safeguarding the company's reputation and assets and ensuring that trust in your business remains high.
Competitive Advantage
Making good use of streamlined FCA data gives financial firms a competitive edge. By being able to adapt quickly to market changes, innovate services and capitalise on new opportunities in the B2B sector, businesses can make the marginal gains that make a big difference in business.
How We Can Help
Stop seeing data as a chore and start to understand the power of a clean CRM for the financial services industry and FCA. Get in touch with Autus Data Services today to find out more about how we can streamline your FCA data to help you grow your business.
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