FundsLibrary has been chosen by two top fund managers to provide their Solvency II reporting solution.
Jupiter Asset Management and Neptune Investment Management have opted for the FundsLibrary’s Solvency II Manager solution. Asset managers will have to, from January 2016, provide an increased quantity of data for their insurer clients to comply with Solvency II reporting.
Jupiter and Neptune are now amongst a number of firms who have decided on their approach, meaning that they will be fully prepared when the regulation arrives.
Solvency II Analyst at FundsLibrary Amber Jefferis said: “Solvency II is a real challenge. Insurers and asset managers should ensure they have robust and timely data delivery mechanisms in place by 1st January 2016. Time is running out to put the correct distribution agreements in place. Organisations who are not yet compliant risk missing the deadline and facing regulatory consequences.
“Solvency II solutions need to incorporate strong look-through capabilities, a robust data file production process, the requisite legal agreements and a permission controlled distribution service.”
Solvency II was established to provide greater transparency amongst insurance companies over the capital they hold in reserve. It demands much more stringent data reporting requirements for insurers, with the task of providing this data falling in part to asset managers. The key to this additional reporting, says FundsLibrary, is the look-through process, which peels back the layers of financial product wrapping to reveal the data at security level.
FundsLibrary, which is part of Hargreaves Lansdown, says it has many of the required legal agreements in place and has been providing look-through data for more than ten years.