Model Office launched new Consumer Duty board report tool

AI-based regulatory tech firm Model Office has launched a new Consumer Duty-focused board report which it says will help firms meet the requirement to deliver their first annual report under the new rules.

Related topics:  Consumer Duty,  model office
Amy Loddington | Online Editor, Barcadia Media Limited
16th May 2024
computer online tech

The board report from Model Office will aggregate relevant regulatory data and create action tracker dashboards for users, providing required actions, changes and sign off templates for firms to evidence their validation processes meet all Consumer Duty requirements on an annual basis.

This automated report provides an in-depth data and Management Information (MI) for firms to audit their performance against all FCA Consumer Duty regulations, providing automated gap-analysis and also templates for firms to add relevant information on an on-going basis (e.g. policies & procedures, complaints, and poor outcomes resolution).

Key features of the Model Office Consumer Duty Board report include automated calendar integration to ensure required actions are completed; governance and culture assessment; and representation of each of the top areas for action under Consumer Duty - governance, cross-cutting rules, four outcomes, data, and MI.

Chris Davies, Model Office founder and director, said:

“Model Office’s mission is to ensure advice firms have all the data and MI they need to evidence they comply with FCA regulations in one place at the click of one button. Our new automated Consumer Duty Board Report does just that, aggregating all relevant MO and back-office data into one strategic report so firms’ boards, governing body and staff can evidence they have addressed gaps, and any remedial activity has been taken and comply with the Duty annually

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