Silverfinch sorts out PRIIPs data sharing
20 June 2016 Dublin
Image: Shutterstock
Silverfinch is adding a new capability to its data distribution model, facilitating compliance with the requirement for a Key Information Document (KID) under the Packaged Retail Investment and Insurance Products (PRIIPs) regulation.
Under PRIIPs, manufacturers of packaged retail investment and insurance products must disclose information about products’ features, risks and costs to the retail investors, through a KID.
Distribution channels and intermediaries will also be responsible for providing KIDs to investors and, without KID data, insurers will not be able to sell their products.
The Silverfinch data-sharing model will now allow asset managers to more efficiently distribute data to insurance-based investment product providers throughout Europe. It will also help insurer clients to continue trading more smoothly under the new rules.
John Dowdall, managing director of Silverfinch, said: “The upcoming PRIIPs regulation will have a huge impact across insurers and asset managers as data has to be shared in order to comply with the new rules. Insurance firms that wrap asset managers’ funds for sale to retail clients will not be able to do so without a PRIIP KID document, and the retail investor needs to confirm they have been given document before investing.”
He added: “Our PRIIPs capability works in tandem with our existing data model, allowing end users to input and access the data required to achieve compliance. We are looking forward to working with both new and our existing clients across Europe as they navigate this new regulation.”
Under PRIIPs, manufacturers of packaged retail investment and insurance products must disclose information about products’ features, risks and costs to the retail investors, through a KID.
Distribution channels and intermediaries will also be responsible for providing KIDs to investors and, without KID data, insurers will not be able to sell their products.
The Silverfinch data-sharing model will now allow asset managers to more efficiently distribute data to insurance-based investment product providers throughout Europe. It will also help insurer clients to continue trading more smoothly under the new rules.
John Dowdall, managing director of Silverfinch, said: “The upcoming PRIIPs regulation will have a huge impact across insurers and asset managers as data has to be shared in order to comply with the new rules. Insurance firms that wrap asset managers’ funds for sale to retail clients will not be able to do so without a PRIIP KID document, and the retail investor needs to confirm they have been given document before investing.”
He added: “Our PRIIPs capability works in tandem with our existing data model, allowing end users to input and access the data required to achieve compliance. We are looking forward to working with both new and our existing clients across Europe as they navigate this new regulation.”
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