Fintech UK Latest News Regulation

SEI Wealth Platform and FinoComp Team Up to Deliver Costs and Charges Reporting Service

SEI has announced the SEI Wealth PlatformSM (the Platform) has delivered a Costs and Charges reporting service, created in collaboration with FinoComp, a leading wealth management software development company. As UK wealth managers face a significant regulatory reporting challenge, the service enables compliance with complex MiFID II disclosure rules requiring firms to report costs and charges as cash amounts, as well as percentage figures.

The integrated reporting service enables wealth managers to ensure the delivery of compliant reporting to their clients through a flexible, automated and seamless process. The new functionality takes advantage of the Platform’s open architecture to gather multi-sourced data, which is then transferred to FinoComp for disclosure calculation and production. All Platform clients are able to benefit from SEI’s Costs and Charges reporting solution, potentially saving them significant time and cost when compared to managing regulatory reporting requirements internally.

Brett Williams, Managing Director, SEI Wealth Platform UK, said:

“The MiFID II disclosure rules are new and complex, and many wealth management firms have had to dedicate a significant amount of time and resources to achieving compliance. With this in mind, we went through a rigorous selection process to identify the best strategic partner to collaboratively innovate a solution to this challenge for our clients. The SEI Wealth Platform’s flexibility and our ability to integrate with expert providers help ensure our clients continue to have access to a broad range of services.”

Ray Tubman, CEO, FinoComp added:

“We are delighted to have been selected to partner with SEI in providing a transparent, flexible and innovative solution to MiFID II costs and charges regulation. This collaboration will enable clients to access precise data analysis, including bespoke date ranges and accurate performance reporting. This will ensure clarity around the costs and charges that have been taken and the impact they have had on performance.”

Tubman continued:

“As the industry moves towards increasing collaboration in the technology space and platforms begin to take on multiple tech partners – each offering “best in breed,” we continue to witness the inherent advantages to wealth management companies and their end clients of componentised microservice architecture. SEI has a phenomenal reputation in the market for being at the cutting edge of innovation, and we are thrilled to be working together to help to deliver a first-rate solution for their clients.”

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