Written by Professional Pensions
The industry has recognised the need to simplify and speed up transfers for some time. Research carried out by Professional Pensions over the summer found that two thirds of pension trustees and professionals believe the current system is not good enough. The main complaint is that there is no standard for members, administrators and trustees to rely on when dealing with transfers of pensions. Old technology, patchy regulation and the segmentation of the industry confuses all the parties involved.
In a sector with so much complexity, to what extent is RegTech solving the real compliance issues facing financial services?
Half of the companies in the first wave of the Financial Conduct Authority's advice unit have either launched a low-cost advice service or will be doing so imminently.
Over the last ten years it has become increasingly possible to turn bright technology ideas into smooth, working, scalable solutions, writes founding director of Altus, Kevin Okell.