POS creates market for services

MoneyMate, a provider of investment data quality management solutions, has announced enhanced capabilities of DataManager, which will help Canadian clients comply with pending regulation surrounding POS Disclosure for mutual funds.

By July 2011, mutual funds in Canada must be fully compliant with Point of Sale Disclosure regulations which require manufacturers to provide a “Fund Facts” document for each share class or series of funds for investors. The document must be easy to read and include specific information such as a description of the fund, the performance and the risks, as well as any charges associated with the fund.

“The reform to Point of Sale Disclosure in Canada is putting intense pressure on firms to make sure they are able to generate accurate Fund Facts documents in a timely manner,” said Ronan Brennan, chief technology officer of MoneyMate. “The real challenge is not in producing the actual documents, but in producing the volume of data required in an accurate and timely manner.”

Canadian firms must adhere to the pending deadline and begin to invest in implementing a solution to address the issue. DataManager provides global asset managers with a centralized platform to oversee and control the quality, accuracy and timeliness of their investment product data. It enables firms to efficiently and accurately generate Fund Facts documents by collecting, validating and standardizing fund data so that it is accurate and easy to access.

“We recognized the growing need in Canada and we are dedicated to this region,” said Brennan. “We’ve been speaking with local firms and have enhanced our service to enable Canadian firms to better comply with these new reforms.”

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.