Industry news

Accurate Data Services is one of a panel of experts advising the Treasury Dashboard steering committee.

With the Pensions Dashboard prototype due to be ready in early 2017 and a full roll out in 2019, there is a very tight time table of events in place.

It is commonly recognised that data quality will be critical in the success of the Dashboard.

At no time since tPR issued Common and Conditional Data guidelines in 2010, has the accuracy of scheme data become so vital. In addition to the basic concept of knowing who and where your customers are, it is likely some elements of common data will be the key to security around consumers accessing the Dashboard

Conditional data (which has to some extent been ignored by many) will become far more important in delivering the information that the consumer will require.

Despite tPR guidelines, data quality issues still prevail with insufficient steps having been taken to ensure quality.

With strong commitment to the delivery of the Pensions Dashboard it falls all schemes to co-operate and provide timely and accurate data. Failures to do so may well lead to compulsion.

David Rich, CEO of Accurate Data Services will be speaking about Unclaimed Assets held by the Life, Pensions, Investment and Savings industries at the next highly popular Transparency Symposium in London on the 21^st September.

Many financial service providers rely on automated mortality screening to identify deaths without realising such services will often fail to identify deaths that occurred prior to 1984.

In 2014 the FCA launched a thematic review into the fair treatment of long standing customers in the life insurance sector. The review focused on 11 firms of various sizes with over £153 billion held in closed books of business.

This review has sent shockwaves through the industry and has far wider implications than those affecting the closed life book holders. And there is a strong possibility that many of the findings around transparency on costs, charges and unclaimed assets will be replicated in the current FCA review into asset managers.