February 20, 2019

Four Steps to Achieving Digital Compliance


The historical perspective Historically, contracts for the provision of financial products and services were verbal, relying on trust. But we have come a long way from the early days of the London Stock Exchange and maritime brokers where contracts were made with no exchange of documents or written pledges. For many reasons, this informality became impractical: The sheer volume of transactions, and the growing complexity of the products and services The desire of customers to have the reassurance of knowing exactly what the product or service was and the cost The Courts want evidence of the existence and terms of a contract Business must know what its liabilities, duties, and obligations are And more recently regulators require that all the necessary information and disclosures are given to the customer – and want proof (if it’s not written down, it didn’t happen) The way business handled the need for proof was…

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