"We are struggling to deliver our MiFID II interim suitability reviews on time."
When RDR came in, the notion of delivering reviews and ongoing service became the accepted norm.
The evolution of MiFID II, however, extended this to include ongoing annual suitability reports.
Naturally, this increased workload was always going to put a pinch on resources, especially when some administrators are uncomfortable with the suitability aspect.
Since 2002, The Timebank have built a team with diverse skills, experiences and knowledge to help clients with unique jobs.
The Timebank can be a flexible addition to your team. This is far more effective than employing someone to do the same job, particularly if it is a short-term project or job that doesn’t need a full-time employee.
Customer profile
A leading UK financial services consultancy established in the 1930s, the firm employs seven full‑time financial advisers and offers comprehensive employee benefits consultancy. It serves more than 840 clients, including members of large employer group pension schemes, individuals focused on capital growth, and those planning for or sustaining retirement. The firm seeks clear guidance on what a MiFID II review should look like and what it must include, while expressing concerns about the resources and time required to complete 840+ annual reviews. Assuming two hours per review, the projected cost is approximately £168,000 per year, with the added risk of diverting attention from new business generation.
Objective
- Hold weekly planning calls with advisers and paraplanners to prioritise and schedule MiFID II reviews.
- Transcribe and standardise meeting notes into actionable tasks and entries in the workflow tracker.
- Process letters of authority and provider data requests to obtain up‑to‑date policy information.
- Build and maintain MiFID II–compliant templates for “No Change” and change cases (fund switches, ISA/Pension top‑ups, drawdown adjustments).
- Verify client circumstances and suitability; paraplanners research, challenge, and agree the way forward with advisers.
- Produce annual suitability reports and client‑ready presentation packs.
- Manage the back‑office review process with predictable turnaround times.
- Deliver high‑quality, audit‑ready reviews that meet RDR and MiFID II requirements.
Customer profile
A leading UK financial services consultancy established in the 1930s, the firm employs seven full‑time financial advisers and offers comprehensive employee benefits consultancy. It serves more than 840 clients, including members of large employer group pension schemes, individuals focused on capital growth, and those planning for or sustaining retirement. The firm seeks clear guidance on what a MiFID II review should look like and what it must include, while expressing concerns about the resources and time required to complete 840+ annual reviews. Assuming two hours per review, the projected cost is approximately £168,000 per year, with the added risk of diverting attention from new business generation.
Objective
- Hold weekly planning calls with advisers and paraplanners to prioritise and schedule MiFID II reviews.
- Transcribe and standardise meeting notes into actionable tasks and entries in the workflow tracker.
- Process letters of authority and provider data requests to obtain up‑to‑date policy information.
- Build and maintain MiFID II–compliant templates for “No Change” and change cases (fund switches, ISA/Pension top‑ups, drawdown adjustments).
- Verify client circumstances and suitability; paraplanners research, challenge, and agree the way forward with advisers.
- Produce annual suitability reports and client‑ready presentation packs.
- Manage the back‑office review process with predictable turnaround times.
- Deliver high‑quality, audit‑ready reviews that meet RDR and MiFID II requirements.
This sounds like me. I would like to know a bit more about The Timebank before going ahead
We would our service to our clients, so we will give you a call and listen to your needs to make sure we can help you. In the meantime, we will start off by giving you complimentary access to The Timebank Foundations Programme.
Being a guest client gives you the following benefits:
- FAQs about the service
- Due Diligence on us as a company
- Access to our PRODMatcher tool, which solves the PROD problem
- Access to our Due Diligence reports on providers and manufacturers
- News, hints, tips and opinions sent directly to your inbox
- Access to ongoing CPD video series
Which of these sound familiar?
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