Former managing director of Standard Life-owned advice consultancy Threesixty Phil Young has taken a minority stake in online compliance platform Model Office, as well as joining the board.
Young, who left Threesixty in June last year to set up his own consultancy, will take a 5 per cent stake in Model Office.
Model Office uses market research to benchmark businesses, including wealth managers and advisers, against five criteria: risk management, client engagement, service, support, and human resources.
Benchmarking occurs against competitor firms’ performance, alongside FCA rules and other regulation, such as Mifid II.
Young says: “[Model Office] answers a number of the problems financial services businesses face in their day-to-day business – controlling costs and paperwork, identifying problems early, cutting through the noise and prioritising activity.”
Model Office founder and director Chris Davies says: “Phil’s considerable experience, strategic insight and creative mindset will provide an invaluable resource to Model Office’s continued development.”
Model Office is part of the regulation technology, or regtech sector, which Davies says will give firms insight into their compliance risks and give suggestions on how to improve this.