Schroders claims a new partnership will help it meet consumer duty requirements.
The firm has announced a new agreement with fintech company Broadridge Financial Solutions.
The company is expected to deal with distributor feedback for Schroders, as the regular reviewing of products is one of the requirements of the Financial Conduct Authority's consumer duty rules.
James Rainbow, head of UK at Schroders said: "With Broadridge’s in-depth knowledge of fund data, document dissemination and related regulatory reporting experience, we know we are in good hands.
"This partnership means that we can really focus on our key business strategies by letting Broadridge handle the operational workflow process and complexities associated with streamlining the distributor feedback process for us.”
The FCA requires fund manufacturers, like Schroders, to review their products on a regular basis by collecting information from distributors.
The Broadridge service collects comparable data on funds and compiles them into custom dashboards.
Stephen Johnston, head of fund communication solutions at Broadridge, said: "Through proprietary algorithms, large and unique data sets, and powerful, predictive analytic solutions we give clients a strategic edge and help them make smarter decisions.”
Broadridge is also expected to provide Schroders with in-depth analytics which "deliver actionable observations" so they an identify strengths and weaknesses in their retail product sales channels and distributor sales patterns.
The firms said this will help them keep on top of consumer duty compliance.
tara.o'connor@ft.com
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