Broadridge Financial Solutions, a worldwide fintech company, has entered into an arrangement with Schroders, a global investment management firm, to better protect and prioritise consumers’ requirements under the UK Financial Conduct Authority’s (FCA) Consumer Duty laws.
Fund producers like Schroders must regularly examine their products by gathering data from distributors in order to comply with the consumer duty.
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To do this, Schroders is utilising Broadridge’s solution, which makes use of the Distributor Feedback Template (DFT) of the UK Joint Trade Association to gather uniform and hence comparable data on their retail-facing funds.
Online portals enable qualitative feedback, but a suite of analytics and personalised dashboards enhance and provide significant insights from the feedback data.
The Broadridge service can collect and distribute both quantitative and qualitative data, obtained in multiple formats and verified through a complete modern technology platform. It is based on years of experience managing the data flow between manufacturers and distributors.
Furthermore, Schroders is receiving comprehensive analytics from Broadridge that yield practical insights into their distributor sales patterns and retail product sales channels, assisting them in determining their strengths and shortcomings and bolstering their compliance with consumer duty.
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By GlobalDataJames Rainbow, head of UK, Schroders stated: “We are excited to have extended our relationship with Broadridge, a trusted global technology partner, to facilitate better outcomes for investors. With Broadridge’s in-depth knowledge of fund data, document dissemination and related regulatory reporting experience, we know we are in good hands. This partnership means that we can really focus on our key business strategies by letting Broadridge handle the operational workflow process and complexities associated with streamlining the distributor feedback process for us.”
“We look forward to working with Schroders to support their regulatory reporting obligations under the U.K.’s Consumer Duty,” added Stephen Johnston, head of fund communication solutions, Broadridge.
“Through proprietary algorithms, large and unique data sets, and powerful, predictive analytic solutions we give clients a strategic edge and help them make smarter decisions.”
