DISCOVER DCI

For SIPP Managers

by dci-diplomatic | 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.

Poor data can create problems in multiple areas:

Annual statement

showing incorrect transaction data

Drawdown errors

from missed dealing instructions

Invalid asset type

securities incorrectly flagged

CASS breaches

such as incorrect fees being charged

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.

To find out how to avoid these pitfalls

Click here

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