Cofunds chairman Charles Eppinger is calling for a committee to be set up to monitor administration and operations processes in financial services firms.
Eppinger, who is also chief executive of International Financial Data Services, believes there are many unnecessary costs embedded in the way most companies operate that could be eliminated if there was more collaboration between companies.
He wants to see more companies linking to credit-rating agency Experian to speed up money-laundering checks and also wants to see a barcode system for cheque transfers piloted following the success of a similar project in the US.
He told the conference: “The industry does not need any legislation to make the changes necessary to improve things and raise standards. We can do this ourselves. There are basic issues that we can address like money laundering, repurchasing and renunciation. We have to ask ourselves have we marshalled our resources effectively.”