BUSINESS SYSTEMS & CONSULTING FOR FINANCIAL SERVICES
Welcome to our quarterly newsletter.
It’s been another busy start to the year for us all at Altus – from our RegTech event last week and the official launch of our comprehensive tool for business modelling (PEAK) through to the introduction of our Pensions Gateway (APG) and the latest news and updates associated with our Transfer Gateway, I hope you find something of interest in what follows.
On a sad note, we at Altus would like to add our condolences and a few words of appreciation to the growing list of tributes to Malcolm Small. We first met Malcolm shortly after our company was founded, when we discovered we were near neighbours, and over the years our paths have crossed many times.
Malcolm introduced us to TPNW, encouraged us to join the open standards transfer crusade and was our Chair for a number of years. He was always a good friend and we will miss him dearly.
On 21st February we ran our largest consultancy event to date in Canary Wharf with the deliberately inflammatory title “Regulation is eating the world”. With almost 150 people, 8 RegTech suppliers and a host of culinary metaphors, the event was a veritable feast of new thinking on how to respond to the challenge of regulatory change.
Highlights included live demos, some spirited panel debate, an insight into the development of the FCA handbook and a lot of scary statistics! The event wrapped up with some stargazing into the future, a dummy’s guide to Blockchain and serious questions on the viability of machine-executable regulation.
Pension freedoms have created demand for a greater variety of payment types and frequencies, and tax calculations must now cater for both UK and Scottish rates of income tax. To help you cope with the intricacies of pension payroll and HMRC reporting, we have developed the Altus Pensions Gateway, specifically designed to cater for the pension freedoms.
The Altus Pension Gateway supports flexible payment schedules across multiple product types, employers and administration functions, and provides fully automated support for RTI reporting.
Latest Altus whitepaper - Artificial Intelligence: the evolution of financial advice.
In this paper we look at how businesses need to create an AI advantage to survive. The global tech and data giants – Google, Amazon, Facebook, Alibaba, Tencent and the like - already know this. Any business serious about its long term future needs to recognise this, too.
While some organisations will thrive and deliver vastly improved profits, others will be left behind and die. Now is the time for C-suite leaders to shape the future, augmenting increasingly smart technologies with smart humans to truly compete.
Altus Transfers Gateway to facilitate JISA and SIPP transfers
We have recently held online discussions with clients who expressed an interest in performing JISA and SIPP transfers using electronic messages. Many of you expressed interest and we are compiling a list of all participating companies, which will be published on the Altus Transfers Gateway register.
If you were unable to attend these meetings but would like to be included, please contact Beth Chubb.
Digital Advice Summit
Simon Bussy, Domain Director – Wealth, chaired the Digital Advice Summit held in London on 21st February. With a packed agenda and a brilliant line up of speakers, the Summit covered a lot of ground:
From understanding the role of digital advice, to hearing how different firms are tackling the development of a winning proposition.
From integrating behavioural insights into your digital advice proposition, to getting the right mix of digital and human.
From compliance and risk challenges to business models that generate profit and taking it mainstream
From where we are today, to a glimpse into the future – the power of Open APIs and artificial intelligence
Simon closed the day with a challenge to all attendees:
“Don’t get caught up in an ‘echo chamber’ where we all believe, repeat and share the same story and thinking! It’s good to debate. To challenge. To disagree.
Take all the learnings, all the insights, and create something truly memorable. Be bold. Be different. Be on the consumer’s side. Let that be your legacy.”
Electronic transfers of Cash ISAs from Banks and Building Societies within ATG enter testing phase
As mentioned in the last edition of our newsletter, we are introducing a capability facilitating electronic transfer of Cash Deposit ISAs from Banks and Building Societies into Stocks & Shares ISAs within ATG.
The project reached a new stage last week as it entered the testing phase. This capability will be included in the release of ATG version 3.1 later this year. If you would like more information about this capability, please contact Nick Meredith.
PEAK:Regulation - Modelling your business
Watch the demonstration to see how PEAK helps model your business.
With PEAK your business could cut the cost of handling regulatory change by managing all your regulation and compliance rules in one place, automatically monitoring for changes and seeing at a glance the impact across your entire business.
Transfer volumes increased by 70% between July and December 2017, with the bulk of the increase in the last three months of the year.
Why has there been such a huge increase? We believe the majority can be attributed to the number of platform migrations (re-platforming) and the disturbance these projects cause. We’ve been involved with four bulk migrations involving tens of billions of pounds of assets, tens of thousands of asset lines and hundreds of thousands of investment accounts.
Given the planned platform migrations and full re-platforming projects planned for 2018, we expect this level of activity to continue. Read our full analysis herefor more information, or contact Howard Finnegan.
Take a look at our most popular articles and blogs from the last quarter...
One of Altus Consulting’s bright young things,Patrick Hayward, has been invited to join the Chartered Insurance Institute (CII) Claims Faculty Board for 2018. Patrick was voted to the join the Board by fellow participants in the CII New Generation Programme.