Australian technology business FinoComp has launched a software service in the UK to make it easier to use and store client’s data.
Th new Single Source of Asset Data service allows wealth managers and platforms to have one master record of their data, which is linked to their internal systems.
FinoComp, which provides software to the UK wealth management market, said that instead of manually updating data across multiple systems, which could be costly and error prone, this service will provide a single system to maintain this information.
Tim Williams, business development director at FinoComp, said: “With an increasing focus on transparent and efficient asset data management ahead of the new requirements for Mifid II, we are delighted to be able to bring to market a targeted software solution that will support automated asset data reporting and management.
“This standalone module can be integrated into existing software systems and ultimately help support better outcomes for clients.”
The module has already been adopted by Aegon
Richard Denning, chief operating officer at Aegon UK, said: “Accuracy and control of data is absolutely essential to every platform, increasingly so with the upcoming Mifid II regulation.
"FinoComp's Single Source of Asset Data service has helped us to improve our ability to maintain data by synchronising the updating of data across multiple systems to ensure we have consistent data throughout the platform.”
Stephen Jones, director at Derbyshire-based Clear Solutions IFA, said: “The era of bespoke front end systems needs to end, and soon.
"There is a plethora of systems, most of which profess to seamlessly integrate to the ‘important’ sources of data yet irritatingly there are always missing links requiring us to go off and separately obtain the data.
"A common data source to all back office systems which significantly reduces our administrative overhead is still a dream.
"The key issues will be acceptance by the system intermediaries and the supply cost which I assume will be absorbed by them and how long it takes to implement.”