Managed accounts data standards group to be set



The Institute of Managed Account Professionals (IMAP) has announced the establishment of an industry working group to develop data standards for the exchange of managed accounts model data.
The firm said platforms and other managed account providers have developed proprietary approaches to providing model data and managers have reported finding it difficult to meet the various data requirements, adding these challenges would increase as the number of managed account services increased.
IMAP chair, Toby Potter said: “With the rapid growth of managed accounts in the financial services industry, model data is being electronically distributed between all participants”.
“However, no standard is in place for the definition or formats for this data. This leads to bespoke developments, greater risk of error and higher cost of integration.”
Other industries had already developed standard data transfer formats, with planning software being a market example of extensive adoption of a single industry-wide standard, he added.
“Since managed accounts are still a relatively new market, this seems the right time to establish a common standard,” Potter said.
“We are not trying to create a binding standard, but it will provide a useful incentive to prevent further proliferation in proprietary specifications.”
IMAP said it was convening a representative working group with organisations such as Financial Express, and others including:
- AMP
- Bennelong Funds
- BT
- Colonial First State
- Copia and Ralton
- Elston
- IOOF
- IRESS
- Lonsec
- Macquarie
- Morningstar
- Netwealth
- Praemium
Recommended for you
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.