Investment - Articles - Biggest issue for MiFIDII and PRIIPs is sourcing data


Sourcing the vast amount of data needed to meet the new regulatory requirements of MiFID II and PRIIPs is the biggest challenge facing both asset managers and insurers, according to a survey undertaken by Silverfinch, the leading regulatory data exchange, at its recent London conference.

 Four fifths of insurers said the collection and aggregation of data for PRIIPs was the most challenging requirement, trumping the calculation or document production aspects of the rules. For asset managers, a similar number said collecting the data was the biggest challenge for MiFID II, well ahead of concerns related to issues such as template construction.

 More than 90% of respondents in the survey said they saw deliverability or experience as the most important issue when searching for partners to help them with these new rules, demonstrating that financial businesses recognise the importance of compliance with the regulations when they come into force in January.

 At the same time, half of those surveyed cited a lack of internal cohesion as the main problem when it came to dealing with regulation, highlighting the need for a strategic approach to be introduced to simplify the regulatory process and reduce the risk of errant or conflicting data being produced.

 Commenting on the findings, Silverfinch managing director John Dowdall said: "Many commentators have missed the fact that the biggest challenge with these new rules is the task of assembling the data from manufacturers in a standardised format that can then be passed on to the distributors that need it. What our survey shows is that those caught up in the maelstrom – the asset managers, insurers and wealth managers who will have to deal with this regulatory cliff edge – recognise the challenge of data gathering.

 “A regulatory data exchange is the only way to overcome this hurdle – allowing asset managers to provide their information in a standardised format and then sending that data to the relevant distribution network.”
  

Back to Index


Similar News to this Story

Its not all avocado on toast for millennials
Research carried out by pension and investment company Aegon shows the generational divide that exists between younger and older age groups when it co
Legal and General complete buy in for Howden Group Pension
Legal & General Assurance Society Limited (“Legal & General”) today announces that it has completed a £230 million buy-in for all the pensioner and de
Invesco publish their Global Fixed Income Study
Invesco has released its second annual Global Fixed Income Study, an in-depth report on the investment behaviour of fixed income investors.

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.