View more on these topics

Enigma system cracks accounts

The founder of the Micropal fund data system is offering a new account-checking software package that is derived from the programme used to crack the Enigma code in the Second World War.

Chris Poll, who sold Micropal to Standard & Poor’s in 1997, says Future Route’s Validis product, which uses algorithms designed by Alan Turing at Bletchley Park, is initially being targeted at small and medium-sized companies using the Sage 950 accountancy package.

He says Validis uses artificial intelligence and mathematical formulae, such as Benford’s Law – a means of spotting statistical anomalies – to identify any suspicious entries in the data and he says it can scan more than half a million data items a second.

Poll says it can be used by advisers checking the accounts of corporate clients or the finance directors of adviser firms to check their own company’s accounts.

It can run the data against standard UK accounting rules or be tailored to do this against other criteria. Users can also customise the package so any anomalous data entries, such as suspicious commission entries, are only highlighted if over a set amount, such as 50.

Poll has brought in Stewart Holness, one of the founders of Business Objects, as chief executive of Future Route, to help drive the launch.

Validis can be bought off the web for 95 or advisers can upload data on to the website for analysis. It is currently being field-tested with 126 advisers ahead of its official April 12 launch.

Poll says: “Accounting packages do not let you check data, this has to be done by eye, which is laborious and can take days. Validis can run through this data in seconds and find suspicious entries and is very simple to use.”


Euro call for cash scheme to help Equitable victims

The Government must devise and implement a scheme to compensate policyholders affected by the collapse of Equitable Life, says a damning European Parliamentary committee draft report.As revealed in last week’s Money Marketing, the committee finds the Government guilty of severe regulatory failings which contributed to Equitable’s near collapse.The report accuses the Government of a light-touch […]

Capable hands

Financial capability looks set to build up a head of steam this year now that the Treasury has set out its long-term approach and plans to achieve “the vision of more financially capable consumers.”

GP reports scrapped

LV= has scrapped its system of requesting GP reports when writing protection policies and is introducing a tele-interview service which it claims will cut acceptance times on applications by weeks.The firm is increasing non-medical limits so cases up to 400,000 can be accepted through a team of tele-interviewers who contact the client directly.LV= says insurers […]

The bright side

Personal accounts have been vilified by some but others see it is an opportunity.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm