Marshalling data, for optimum customer, compliance and commercial outcomes

In times of rapid and complex regulatory change, holistic and effective management information processes will help financial services firms fulfil and demonstrate their compliance, as well as inform their commercial decision-making, says Phil Deeks.

Phil Deeks is technical director at TCC (formerly branded The Consulting Consortium). He has nearly 20 years of experience in risk, regulation, compliance and conduct, including within the group compliance function of a large financial services group, and as a technical specialist within the life insurance and financial advice sector team of the Financial Conduct Authority.

The financial services industry is on the cusp of a year of major regulatory change, with 2018 seeing the introduction of MiFID II, PRIIPs and GDPR. These regulations will continue to shape an industry that has already seen significant regulatory change since the financial crisis. Such changes often require firms to adapt systems and controls (SYSC), along with wider business practices in order to remain competitive and compliant.