Achieving the regulatory imperativeIn publishing the 2017 Financial Lives Survey, the Financial Conduct Authority signalled its intention to drive improvements in the management of credit for vulnerable customers.
Finexos is building compliance and regulatory software into every point of interaction with the consumer. We see that embracing compliance and regulation is an absolute necessity in our task of building trust with the consumer, our partners and the Regulator. We are currently in the process of identifying and applying for a number of regulatory licences and relevant permissions that will be required to operate safely and compliantly upon launch.
Reg-TechFIOLA was designed to fully meet regulatory reporting requirements, providing real-time access and full disclosure to regulatory agencies at any time. Our aim is to provide consumers, partners and the Regulator with maximum transparency to build trust in the system.
Our platform is stand alone and will provide all major functions required by with a range of built in options:
- Anonymised data analysis from source, meaning we do not hold any data on individuals held by other institutions if our services are used for example by a bank
- action is recorded and tracked to provide a timeline with additional layers of transparency and security
- The credit repair process is an ‘OPT IN” for every consumer
- There are no sales people involved in selling credit
- The system can provide full visibility of every record to regulators