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Life firm told to rethink its 17 tech systems

A life office with 17 different back-office systems is believed to have been warned by the regulator to streamline its systems ahead of changes to reporting regulation.

Money Marketing understands that the company was told by the FSA that it will not accept its information from 17 different sources and that this data will have to be aggregated to be acceptable.

By the second half of 2005, all life offices will be submitting financial and actuarial reports and quarterly sales figures to an FSA extranet.

One of the major hurdles that providers such as Axa, Norwich Union and Standard Life face is contravening the Data Protection Act as a result of merging existing databases.

Marlborough Stirling marketing director Greg Clay says: “There is no longer the same number of skilled people who can operate these legacy systems and I would imagine providers having to make changes to many different systems is causing huge concern.”

FSA spokesman Robin Gordon-Walker says: “Life offices will have to streamline back-office systems by definition of the requirements to move to e-reporting. Our aim is that this will make things simpler.”


Directive disharmony

Consumer protection could be seriously undermined by a draft European directive on unfair commercial practices. The FSA has sent a strongly worded response to the Department of Trade and Industry consultation on the plans. The regulator believes the directive could dismember its strategy for empowering consumers and remove large areas of consumer protection. The FSA […]

Standard adding Liontrust to funds

Boutique fund manager Liontrust&#39s first large cap fund is among the range of 28 external funds which Standard Life will offer under its new pension proposition from March 15. Standard is also introducing a new commission model for its pension range, with commission based on the term until the custo-mer&#39s retirement date. Fourteen external fund […]

Mansfield Building Society – Buy-to-Let Mortgage

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Scottish Widows Bank launches online mortgage service

Scottish Widows Bank is launching an online service for IFAs and mortgage brokers offering direct electronic access for mortgage quotations, agreements in principle, applications and case tracking. The service offers a fully compliant mortgage quote at all hours of the day, full online applications for professional, flexible and graduate mortgages without signature and up to […]

How to balance bottom-up with top-down research in constructing multi-asset credit portfolios

In this short video, Azhar Hussain, head of global high yield at Royal London Asset Management, explains how his team balance bottom-up with top-down research in constructing multi-asset credit portfolios. Watch the video in full The value of investments and the income from them is not guaranteed and may go down as well as up […]


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