Investment - Articles - Asset managers risk missing MiFID II and PRIIPs deadline



Asset managers may miss the deadlines of their insurance and wealth management partners for MiFID II and PRIIPs data delivery as they’re too focused on the end of year regulatory starting point and ignoring full preparation time, according to panellists and contributors at Silverfinch’s recent conference.

 The majority of asset managers are collating their data to be delivered to distributors for the January introduction of MiFID II and PRIIPs next year, leaving no time for distributors to road-test and finesse their own data processes. Industry experts recommend that insurers and wealth managers need the relevant information at least two months ahead of the regulatory deadline in order to prepare their own internal operations.

 Fund managers may also struggle in amassing the correct data as it often comes from a multitude of external and internal sources. A failure to present distributors with data before the end of October could hamper the sales process and expose distributors to both regulatory and legal challenges if it means that end investors are left without adequate information when the new rules come in. As a result, this could lead distributors to having to remove certain products from their sales offering.

 “You cannot reasonably expect people to get data at the end of December and then be ready to give that data out to clients the next day," said John Dowdall, Silverfinch managing director. “These distributors are potentially dealing with hundreds of manufacturers so the key to success will be standardising the data exchange, and getting that done with a couple of month’s leeway.”

 A survey at the conference revealed that most asset managers are committed to providing data within the industry standard EMT and EPT format and have commenced their projects to organise the distribution of key information along their distributions channels. However, panellists warned that using this standard may come to nothing if the data cannot be shared with the rest of the industry to make the deadline.
  

Back to Index


Similar News to this Story

Marks and Spencer complete second round of pensioner buy ins
Marks & Spencer has taken another important step in reducing the risks in its £10bn UK defined benefit pension scheme. Marks & Spencer has now secured
SMEs not achieving maximum return on investment
Quantum Advisory, the leading independent financial services consultancy, has said that whilst more small to medium sized employers (SMEs) are now inv
Broadstone acquires 3HR Benefits Consultancy
Broadstone, one of the UK’s leading employee benefits and pensions consulting businesses, has announced the acquisition of 3HR Benefits Consultancy. T

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.