Fintech company Broadridge Financial Solutions, Inc. (NYSE:BR) today announced a new agreement with global investment management firm Schroders to better protect consumers and prioritize their needs under the UK Financial Conduct Authority’s (FCA) consumer duty rules.
“We are delighted to have extended our relationship with Broadridge, a trusted global technology partner, to facilitate better outcomes for investors,” said James Rainbow, Head of UK, Schroders. “With Broadridge’s in-depth knowledge of mutual fund data, document dissemination and related regulatory reporting experience, we know we are in good hands. This partnership means we can really focus on our core business strategies, allowing Broadridge to handle the operational workflow process and complexities associated with streamlining the distributor feedback process for us.”
In the Consumer context, fund manufacturers such as Schroders are required to check their products on a regular basis by collecting information from distributors.
Schroders achieves this by using Broadridge’s service which leverages the UK Common Trade Association’s Dealer Feedback Standard (DFT) to collect standardized and therefore comparable data for their retail facing funds. A suite of analytics coupled with custom dashboards enrich feedback data and provide meaningful insights, while a web portal provides the capabilities for quality feedback.
“We look forward to working with Schroders to support regulatory reporting obligations within the UK Consumer,” said Stephen Johnston, Head of Fund Communication Solutions, Broadridge. “Through proprietary algorithms, large and unique datasets, and powerful, predictive analytics, we give clients a strategic advantage and help them make smarter decisions.”
Based on decades of experience managing the data flow between manufacturers and distributors, the Broadridge service is able to collect and distribute both quantitative and qualitative data, collected in multiple formats and validated through an advanced end-to-end technology . platform.
In addition, Broadridge provides Schroders with in-depth analytics that provide actionable insights that help them identify strengths and weaknesses in product retail channels and distributors’ sales patterns, and supporting their compliance with consumer duties.