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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Justin Modray says the RDR will make little difference in the way most advisers are paid.
M&G is merging its Global Leaders fund into the Global Themes fund in the wake of a review resulting from fund manager Aled Smith’s decision to step down. The proposed merger has been approved by the regulator but is still subject to approval from shareholders. The Global Themes fund will continue to be managed by […]
Face-to-face advice still holds a firm place in serving clients, despite an increasing demand for mobile and remote services in adviser practices. Research from consolidator Fairstone from November shows there has been a 10 per cent decrease in the use of face-to-face financial advisers over the past seven years. However, advisers speaking to Money Marketing […]