The FSA is looking at outsourcing its mandatory electronic reporting system and other IT processes as part of a technology review.Spokesman Rob McIvor says if mandatory electronic reporting is outsourced, the data would remain under the control of the FSA. He says outsourcing is one of a range of ideas being linvestigated by the regulator. The review started last month and no decision is expected until Christmas at the earliest. MER has been beset with technical problems such as capacity issues and advisers reporting difficulties in submitting data, leading to the regulator extending the first reporting deadline from Aug-ust 11 to September 9. The FSA has been working with external suppliers to dev- elop and maintain the system but is now considering outsourcing the whole project. McIvor says: “We are carrying out a full review of our systems and one option that we are looking at is outsourcing part or all of these systems.” Lowes Financial Management compliance manager Neil McLachlan says: “It raises concern that the issues we have had with MER are more than just teething problems. Perhaps it is sensible for them to consider outsourcing in areas where they do not have the necessary expertise.”
Zurich has added 27 funds to its pension fund range, bringing the total to over 100. Funds from 10 new companies are now available, including Invesco Perpetual, Artemis and New Star.
Following thirteen years at Bristol & West, head of marketing Dominic Toller is leaving to join LMS, a provider of outsourced services to lenders and brokers. He will be responsible for marketing and developing new business, particularly in remortgaging. He will be replaced by Mike Howell former marketing manager of Pink Home Loans.Toller says: “I […]
The pre-A-Day section 32 market has been virtually killed off by a Revenue & Customs’ move to block unnecessary pension transfers, says Norwich Union. NU head of pensions Iain Oliver says it is no coincidence that this move follows swiftly from the FSA’s warning that it will closely monitor all section 32 business and clamp […]
38 per cent of advisers have done nothing to prepare for the FSAs new mandatory electronic reporting regime, according to research from technology firm 1st.The survey also shows 13 per cent of firms have not even heard of online reporting which has been in place since July 1, although the first deadline for submissions has […]
After a flat year for European equities, in which the Artemis European Growth Fund outperformed, manager Philip Wolstencroft is (cautiously) optimistic about 2016.
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The curious goings-on in the world of financial services
Experts have played down any immediate moves from the FCA towards those firms that are not prepared for Mifid II regulation that comes into force on 3 January 2018. However, concerns remain that a “material number” of small asset managers have not yet started preparing for the major European regulation. The FCA expects firms to […]
OMGI chief executive and star fund manager Richard Buxton is set to lead a management buyout of the single-strategy funds division of Old Mutual Wealth with the backing of TA Associates. The £550m deal is set to be announced before Christmas, Sky News reports. The buyout is part of Old Mutual’s managed separation, which is […]