DISCOVER DCI
For SIPP Managers
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
To find out how to avoid these pitfalls
Insights for SIPP Managers
The hidden cost of bad data
Regulatory imperative
Pain points from bad data