It is an easy step to take to show the importance the firm is putting on prioritising the customer, improving both compliance and transparency.
The right operating model will comprise of the right data governance, the right processes, the right people and the right technology to support businesses in addressing these challenges on an ongoing basis.
Once good data governance has been achieved, it becomes an invaluable asset, holding important insights on customer behaviours and needs that allow firms to better understand and tailor their communications to the individual while opening the door for better business opportunities.
Access to strong data insights will mean advisers are much more likely to know what products customers do not have, what products they might need and the ways in which they want to be communicated with, and making this a priority now will stand them in good stead come July next year when the regulation comes into force.
Joseph George is chief executive of data consultancy Dufrain