For SIPP Managers

by | Jan 10, 2023

SIPP Managers are highly dependent on the quality of their systems and data, as industry volumes mean it is impossible to monitor and manage data accuracy manually.

down arrow
SIPP Managers

Poor data can create problems in multiple areas:

Annual statement

Annual statement

showing incorrect transaction data

Drawdown error

Drawdown errors

from missed dealing instructions

Invalid asset type

Invalid asset type

securities incorrectly flagged

CASS breaches

CASS breaches

such as incorrect fees being charged

Inaccurate MI

Inaccurate MI

used for critical and strategic decision making

The consequences of bad data can be significant:

  • Damaged client relationships caused by inaccurate communications
  • Lost reputation if the above happens at any scale
  • Increased staff costs to monitor and resolve data-related issues
  • Reduced productivity from continuously allocating valuable resource to address data problems
  • Regulatory fines if customer data is misrepresented or regulatory reporting is inaccurate.
  • Strategic decisions based on poor data can be damaging to both clients and the firm
  • Cost of compliance will grow if data issues are ignored
SIPP Providers need to keep a keen eye on how data is collated, processed and reported to ensure they can run an efficient operation, avoid falling foul of the regulator and maintain customer trust.
Data block

To find out how to avoid these pitfalls

DCI Data Analyst Screenshot

Insights for SIPP Managers

DCI The hidden cost of bad data

The hidden cost of bad data

Regulatory Imperative

Regulatory imperative

Bad data pain points

Pain points from bad data