Pimfa has partnered with Financial Conduct Authority reporting tool, MyRegData, as the latest of its Pimfa Plus partners.
The partnership will provide member firms with an automated service for RegData returns.
MyRegData is a cloud-based application that meets the specific needs of financial advice firms which need to file RegData returns.
It captures data for the RegData return and automates tasks using intelligent software to reduce the number of hours firms spend on this FCA report.
The tool has been developed with the assistance of industry experts who identified the need for a system that completes all sections of RegData.
It comes as the FCA has completed its migration over to its new RegData system first announced in 2019.
Richard Adler, Pimfa’s director of strategic partnerships, said: “Pimfa is delighted to welcome MyRegData as a Pimfa Plus partner. People today transact ever more business online and are required to process ever greater amounts of data.
“This is particularly burdensome for smaller firms, so any solution that enables them to continue to concentrate on their main job and reduce the administrative burden I’m sure will be welcome.”
The platform has been designed to keep pace with changes as advice firms and wealth managers go through the process of migrating to the new RegData system.
It also maintains direct communication with the FCA’s technology team, allowing for changes to be made as they are implemented by the regulator meaning the software always remains compliant.
Anthony Boggiano, director of MyRegData, said: “We know that for a very large number of advice firms the twice annual RegData return can be a serious cause of stress. Taken together with the migration to the FCA’s new RegData system, it is understandable that many firms will find this requirement daunting.
“MyRegData will help to reduce the administrative burden on firms, particularly smaller firms, for whom the twice annual FCA submission through RegData has been until now nothing more than a twice-yearly headache.”
sonia.rach@ft.com
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