Financial Advisors operating in the cloud

 

The starting point for many financial advisors in the United Kingdom when considering a move to the cloud, is simply can we do this? The answer in broad terms is yes you absolutely can, provided you maintain compliance with applicable legal and regulatory requirements.

Independent financial advisors in the UK may be subject to a number of different legal and regulatory requirements when they use cloud services; FCA and PRA regulations are changing rapidly in this space.

In addition, IFAs using cloud services should also consider applicable privacy requirements, including the Data Protection Act 2018 and the General Data Protection Regulation (“GDPR”).

 

Advisor Anywhere is part of the Moore Technology cloud services suite

Moore technology offer Advisor Anywhere, a cloud service specifically designed for the IFA space, Advisor Anywhere is completely compatible with: CRM and Business submission tools such as X Plan, Intelliflow and Curo and Mortgage sourcing tools like Trigold and Mortgage Brain

Moore Technology takes advantage of AWS’ strong compliance framework, advanced tools, and security measures, that can be used to evaluate, meet, and demonstrate compliance with applicable legal and regulatory requirements.

IFAs who are planning to use cloud services can take the following steps to better understand their compliance needs:

1. Consider the purpose of the workload(s) under consideration and the relevant categories of data to anticipate which legal and regulatory requirements may apply.

2. Assess the materiality or criticality of the relevant workload(s) considering local requirements.

3. Ensure they understand the cloud providers responsibilities and their own responsibilities according to each service that will be used.

Moore technology is a cloud-based managed service provider

Moore technology is a cloud-based managed service provider – an official consulting partner with Amazon Web services and a cloud solutions provider to Microsoft.

We specialise in creating bespoke technology packages for financial services. Our founder Piers Moore has been working in financial services for over 17 years – both in-house for large financial services networks and as a service provider for financial advisors. Piers is fluent in the operational and structural nuances of the sector, and the application of cloud and network services, cybersecurity, and telecoms.

If you have further questions about Advisor Anywhere, how to move to the cloud whilst meeting security and compliance needs, or would like more information about partnering with Moore Technology to achieve this, contact us to discuss your requirements.

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