TISA data quality survey to define industry standards
TISA is to undertake a survey of its members in order to ascertain the current position on unclaimed assets, from regulatory, legislative and data quality perspectives.
The results of the survey will be used by TISA’s Data Quality Project Group which has been established to define a common set of procedures/best practice and targets.
Carol Knight, TISA Director of Member Services said:
“It is clear that the industry has to do more to ensure that customers’ data is accurate, regularly maintained, adequately protected and effectively linked in providers’ IT systems. This is the only way we are likely to see a significant reduction in the number of dormant or unclaimed accounts and at the same time increase investor participation. This will also help to allay the concerns of the regulators.
“TISA has established its data project group to bring the industry together to deliver positive outcomes for consumers and providers alike. This survey is an important starting point from which we can assess the scale of the challenge.”
The project group already has representation from 19 major organisations and TISA is encouraging more firms to participate. TISA will be following the model it has successfully developed for its other cross-industry initiatives, for example the platform re-registration project.
It is anticipated that the results of the survey will be known in April 2013.
Ends……For further information, please contact:
Carol Knight, Director of Member Services, TISA – Tel: 01642 666989, Mobile: 07967 317003
Email: carol.knight@tisa.uk.com
Issued on behalf of TISA by Cauldron Consulting, contact Steve Radford – Tel: 020 3178 7238, Mobile: 07889 903786
Email: steve.radford@cauldron-consulting.com
Notes for Editors
TISA Data Quality Project – Scope
The project scope is to document the current position with regards regulation, legislation, data quality and to define a common industry set of procedures/best practice and targets in order to provide the optimum quality of customer data and thereby reduce the number of dormant/unclaimed accounts, increase investor participation and reduce risk.
Project Objectives
Principle strategic objective:
To ensure that customers’ data is accurate, is regularly maintained and is adequately protected and that their relevant and appropriate information and their assets are effectively linked in providers’ systems.
Tactical objectives:
1. To understand why the disconnect between the client and their data arises
2. To produce a summary of relevant legislation and regulation across all areas of the industry
3. To produce a document describing the current state of industry data and market trends, including measures of success for the project
4. To identify industry segments and types of data that are in scope
5. To define what is meant by “maintain” in data management policies
6. To produce an industry standard best practice document including procedures around how to ensure good data, how often data should be reviewed and the approach to data maintenance
7. To produce a model Data Management policy
8. To consider the potential for an industry-sponsored Unclaimed Asset Register
9. To produce a consumer facing guide to aid understanding and guide expectations
10. To ensure that the work of the ExCo is publicised and that the positive outcomes for consumers and industry participants are promoted
11. To work with the appropriate regulators to ensure endorsement and approval of the standards with a view to defining and describing the regulatory requirements.
The Tax Incentivised Savings Association (TISA)
TISA is the premier industry funded body in the UK retail savings and investment industry. By engaging with member firms, government, political parties, regulators and consumer groups TISA’s ultimate goal is always to further consumers’ best interests. It seeks to improve the range, features and quality of savings and investment schemes available whilst encouraging more people to save for their financial security and peace of mind.
Uniquely, TISA is able to articulate the opinions of the whole savings and investments marketplace through its membership comprising over 130 member firms involved in the supply or distribution of products. TISA’s remit extends across the broad spectrum of savings vehicles & services and centralised investment propositions.