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Organise your data

Regarding the article, FSA fines up 514 per cent, which reports on the FSA’s get tough stance, it is worth remembering the advice marketplace is constantly changing.

FSA reporting requirements become more onerous each year and advisers need to justify how each client is being treated. To collate information manually takes time and will eventually swamp advisers.

Key documents and facts need to go into a proper database structure where everything is cross-referenced. TCF involves making statements to clients on how you will service them. If the procedures are set up in a track, you can record when you did what you said you would do. You can set up the events for the reminder dates for the appropriate person or department.

When your back-office system starts to function the way you want it to run, you will find it much easier to manage and delegate work.

Ann Dempster

Plum Software, Coventry

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Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. TCF Assessment
    We had our FSA TCF assessment on Tuesday and I think in part the reason why we got clean bill of health WAS because we could demonstrate using our back office system how we were treating clients. Our back office system is Plum and it was intersting that the FSA team said some advisers found Plum hard work. My answer was along the lines you eitehr use the system properly or don’t use it at all as it is hard work to get everything on there, but once it is and you keep it up to date, you’d never want to be without it (or something similar as this isn’t as sales pitch for Plum, just for making IT work for you )

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