Keeping IT up to date
Why is the regulator interested in my firm's information technology capability? We have a broking program from one of the leading companies, surely that is enough to keep them satisfied?
You will not be surprised to learn that the Financial Services Authority interprets many rules with a wide rather than narrow definition. Your firm will, like others, have carefully scrutinised your treating customers fairly arrangements but you need to think about the wider issues. Believe it or not, the level of your firm's information technology capability comes into that.
You mention having a bespoke broking program from one of the leading software providers; having that looks after client
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