Project Overview
A UK network of 85 Independent Financial Advisers (IFAs) managing £1.4B AUM (Assets Under Management) needed t...
Technology Stack
Compliance & Standards
The Challenge
A UK network of 85 Independent Financial Advisers (IFAs) managing £1.4B AUM (Assets Under Management) needed to replace legacy portfolio management software (a 2009 Windows desktop application) with a modern, FCA-compliant web platform. FCA COBS 9A (suitability requirements for MiFID-equivalent advice), Consumer Duty four outcome areas, MiFID II/UK MiFIR transaction reporting, and annual suitability review automation were the primary compliance requirements. Budget: £190,000.
Our Approach
Client suitability assessment
risk profile questionnaire (mapped to standard RL360/Dynamic Planner risk categories), investment objective capture, capacity for loss assessment, knowledge and experience assessment.
Suitability report generation
automated template with adviser customisation, FCA-compliant disclosure of charges, risks, and alternatives considered.
UK MiFIR Transaction Reporting
UK MiFIR (post-
Brexit
Onshored MiFIR) requires FCA transaction reporting for specified instruments.
Automated transaction report generation
- LEI (Legal Entity Identifier) lookup, ISIN enrichment, counterparty data.
- Submission via ARM (Approved Reporting Mechanism) — DTCC Reporting Hub integration.
Products and services
platform fees and charges transparent and demonstrated as fair value.
Price and value
annual total cost of ownership report per client.
Consumer understanding
- suitability report reading level check (Flesch reading ease score >
- 60).
Consumer support
response time tracking per client communication.
Annual suitability review workflow
- automated client questionnaire trigger (email/portal), changed circumstances detection (mortality, job change, goal change), updated suitability recommendation if risk profile changed, and regulatory audit trail.
- Freed approximately 45 minutes per client per year from adviser administration.
The Results
Launched at 20 weeks, £184,000 — under budget.
FCA Consumer Duty audit at 6 months: all four outcomes evidenced with platform data.
UK MiFIR reporting: zero late or rejected submissions in first year.
Annual review completion rate: 94% within regulatory timeframe (was 71% — 23 percentage point improvement).
Adviser capacity: each adviser now handles 12% more client relationships.
New IFAs joining network: 8 in first 6 months citing platform as a key differentiator.
“The Consumer Duty evidence dashboard was something we didn't know we needed until the FCA asked for it. ClickMasters built it as a first-class feature, not a bolt-on. The MiFIR reporting automation alone justified the project cost — we were spending 3 days per month on manual transaction reports." — Chief Compliance Officer, UK IFA Network (name withheld)”
Project Details
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