Finscape has launched a free new service to share investment distribution data between wealth managers, platforms and fund managers. In support of Consumer Duty requirements, the new service collects data from distributors such as wealth managers and platforms and distributes it to fund managers. The data is distributed in the industry-agreed format.
Guy Edsall, co-founder of Finscape, said “Under Consumer Duty rules, wealth managers and platforms must provide target market feedback information to fund managers. But many of them, especially the wealth managers, simply don’t have the right mechanisms in place. That’s where we can step in and help. We already gather this information, so this is a natural extension of the services we already provide to platforms, fund managers and DFMs. We have signed our first platforms and there is substantial interest from others.”
Finscape gathers comprehensive holdings and flow data from platforms (including information on whether they are within model portfolios), reconciles it against its flagship intermediary database, and provides that information to fund managers. This new free service allows platforms and wealth managers to transmit target market information via Finscape to their fund manager clients. The service is free, simple and straightforward:
1. Distributor provides flows and holdings data by fund, sub-distributor and model portfolio.
2. Finscape processes the data, matching it to central reference databases, standardising the data and improving its quality.
3. The data is exported into the Distribution Feedback Template (DFT) format agreed by industry bodies including TISA, PIMFA and the UK Platform Group.
4. Finscape distributes relevant data to each of the distributor’s fund manager clients. Existing Finscape clients will be able to receive the data in a variety of formats.
Bella Caridade-Ferreira, co-founder of Finscape, added “Finscape has the most detailed and comprehensive coverage of the investment distribution landscape in the UK. We provide key information to fund managers and wealth managers about who is buying and holding their funds and investment solutions, and on which platforms. Let’s face it, the investment industry has had a hard time of it lately, so this new service will take some of the friction out of Consumer Duty obligations. By providing a free service to all stakeholders, everyone benefits.”
