What the FCA data request is really revealing about your firm

We’re around the halfway mark for the FCA’s latest data request. Some firms are well underway. Others are realising just how much manual work is involved.

So, how’s it going your end?

From what we’re seeing, the most common challenges so far are:

• Missing or scattered data, especially around client segmentation and vulnerability.
• Inconsistent advice processes, different systems for different advisers.
• Limited reporting capability, data’s there, but hard to extract cleanly.
• Underestimating the time needed, especially if you didn’t have a clear plan at the start.

But there’s good news too. For many firms, this process is sparking bigger, more valuable conversations:

• Who really is our target market?
• What does good advice look like across the team?
• Are our systems helping us run well, or holding us back?

In short, what started as a regulatory chore is becoming a useful operational review. And if you’re smart about it, that means more than just compliance.  It means a leaner, stronger business at the other end. That all adds value to your company for when the time is right to exit.

If you’ve not started yet, or if you’re stuck in the weeds, here’s what we recommend:

• Start with what you’ve already got: Your back office, platform data and adviser records
• Map what’s missing early: Don’t leave gaps till the end
• Get help if you need it: We’re already supporting firms of all sizes

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Let’s make this easier and more useful, together.