Focus Solutions, the leading UK provider of multi-channel distribution software to the global financial services industry, is pleased to announce the 2.8 release of focus:360°, delivering new functionality to help advisers and firms meet regulatory requirements and manage evolving business models arising from the RDR.
New functionality will support advisory, administration and reporting requirements of the RDR with client service agreements, adviser charging functionality and support for RMAR reporting.
2.8's case specific reporting tools will enable focus:360° users to provide a full range of advice services and record the type of advice provided to a specific client covering independent, restricted simplified and execution only. Firms will benefit from extended product and fund functionality with the ability to pre-configure product and/or fund panels to support their choice of advice types.
Refreshed client service agreements tools will help advisers to record their post-RDR propositions with focus:360° users now able to switch clients between services and provide an audit trail, which records the agreements that were applied to each client at different stages throughout their relationship.
To meet one of the most significant challenges presented by the RDR, focus:360° will introduce adviser charging to the existing remuneration management toolset. One-off charges, ongoing charges, provider-facilitated charges and consultancy charges will be supported in addition to the retained ability to handle commission for existing contracts and those that are unaffected by regulatory changes.
Through the addition of new reporting functionality, focus:360° will support significant elements of a firm’s new RMAR reporting requirements.
"The RDR presents significant challenges to advisory firms that can be resolved through the use of best-in-class software" explains Alison Young, Product Management & Client Engagement Director of Focus Solutions. "The 2.8 release will be available in time to allow our customers to rise to these challenges well prepared and armed with the high performance tools they need to remain compliant, competitive and able to provide quality advice services post-RDR."