Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • July 2013
07

Fines for poor information management 'to rise significantly'

Open-access content Monday 15th July 2013 — updated 5.13pm, Wednesday 29th April 2020

One in five independent financial advisers expect to see a significant increase in the number and size of fines imposed on the financial services sector over the next five years because of poor information management and storage.

One in five independent financial advisers expect to see a significant increase in the number and size of fines imposed on the financial services sector over the next five years because of poor information management and storage.

Research from information management company EDM shows that 22% expect a significant increase in fines, 59% a slight increase and only 4% anticipate a fall.

Banking was identified by 49% of the IFAs surveyed as the worst at managing and storing information. This was followed by the mortgage industry (18%), general insurance (14%), and pensions and life assurance (12%).

'Our findings are alarming,' said EDM chief executive Sam Ferguson. 'Competition in the financial services sector is increasing and customers are becoming more demanding. In meeting this challenge, financial services companies have to cope with a huge increase in the volume of information they receive.

'Banks, asset managers and insurers need to become much more efficient in how they manage their information, but our survey suggests that, in trying, many will fail and increasingly break regulatory guidelines.'

The survey of 240 IFAs also found that 28% were 'concerned' or 'very concerned' about the ability of financial services companies to manage and store the information they receive.

As a result, 31% claim they are avoiding recommending certain companies to their clients.

This article appeared in our July 2013 issue of The Actuary .
Click here to view this issue

You may also be interested in...

NAPF appoints DB and DC policy chairs

The National Association of Pensions Funds has today announced the chairs of its two new policy-making councils.
Thursday 18th July 2013
Open-access content
ta filler

No 'one-size-fits-all' approach to disaster insurance, says Insurance Europe

Insurance Europe has said there is no one-size-fits-all solution to the insurance required for natural and man-made disasters in Europe.
Tuesday 16th July 2013
Open-access content

Average car insurance premiums back below £700

Average quoted comprehensive motor insurance premiums fell by nearly 8% in the second quarter of 2013, according to the Confused.com/Towers Watson Car Insurance Price Index.
Wednesday 17th July 2013
Open-access content

Regulation reform again tops poll of insurers' concerns

Changes to the regulation of the insurance industry, including the introduction of the new Solvency II rules in Europe, represent the biggest current risk to firms, a survey by accountants PricewaterhouseCoopers has revealed.
Thursday 18th July 2013
Open-access content

Auto-enrolment impact 'uncertain', says NAO

The extent to which pension auto-enrolment will reduce the long-term costs of pensioner support to taxpayers is uncertain, a report by the National Audit Office has warned.
Friday 12th July 2013
Open-access content

Government to lift NEST caps in 2017

Pensions minister Steve Webb has pledged to legislate as soon as possible to remove the £4,500 cap on annual contributions and transfer restrictions on the National Employment Savings Trust, but the changes will not kick in until 2017.
Tuesday 9th July 2013
Open-access content

Latest from Professional

dxf

Bespoke tailoring: the UK government’s proposed reforms to Solvency II

Vrishti Goel discusses the UK government’s proposed reforms to Solvency II
Wednesday 31st August 2022
Open-access content
Financial services seen as most desirable sector for career changers

Financial services seen as most desirable sector for career changers

Over a third of UK workers will look to start a new career in the next year due to the cost-of-living crisis, with financial services seen as the joint most desirable sector, KPMG research suggests.
Wednesday 24th August 2022
Open-access content
web_p43_Student_student_july_2_CREDIT_Simon-Scarsbrook.jpg

Three’s a charm: the next iteration of the internet

Adeetya Tantia explains what we can expect from the next iteration of the internet, and how it could shake up the insurance industry
Wednesday 6th July 2022
Open-access content

Latest from July 2013

Tighten up whiplash accident claims, say MPs

Ministers should consider reducing the time limit for road accident insurance claims to help contain the effect of whiplash cases on premium prices, MPs have said.
Wednesday 31st July 2013
Open-access content

More employers register for automatic enrolment

Employers’ awareness of automatic enrolment for workplace pensions increased sharply during the spring, The Pensions Regulator has said.
Wednesday 31st July 2013
Open-access content

FTSE350 pension deficits barely dented by £35bn contributions

Top companies have ploughed over £35bn in their defined benefit pension schemes over the last three years but made little dent to their overall deficit levels, according to research published by Barnett Waddingham.
Monday 29th July 2013
Open-access content

Latest from no_opening_image

TPR publishes coronavirus guidance

The Pensions Regulator (TPR) has published guidance to help UK pension trustees, employers and administrators deal with the financial and regulatory risks posed by coronavirus.
Monday 23rd March 2020
Open-access content
web_p24_cat-and-fish_iStock-483454069.png

Sensitivity analysis: swimming lessons

Silvana Pesenti, Alberto Bettini, Pietro Millossovich and Andreas Tsanakas present their alternative approach to sensitivity analysis
Wednesday 4th March 2020
Open-access content
ta

IFoA adjudication panel: Mr Jack Wicks, student

On 30 October 2019 the Adjudication Panel considered an allegation of misconduct against Mr Jack Wicks (the respondent).
Friday 28th February 2020
Open-access content

Latest from 07

Tighten up whiplash accident claims, say MPs

Ministers should consider reducing the time limit for road accident insurance claims to help contain the effect of whiplash cases on premium prices, MPs have said.
Wednesday 31st July 2013
Open-access content

More employers register for automatic enrolment

Employers’ awareness of automatic enrolment for workplace pensions increased sharply during the spring, The Pensions Regulator has said.
Wednesday 31st July 2013
Open-access content

FTSE350 pension deficits barely dented by £35bn contributions

Top companies have ploughed over £35bn in their defined benefit pension schemes over the last three years but made little dent to their overall deficit levels, according to research published by Barnett Waddingham.
Monday 29th July 2013
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Capital & Reserving, Nearly Newly

London (Greater)
Depending on experience
Reference
149031

Reserving Actuary

Dublin
Competitive
Reference
149027

Senior Analyst - Actuarial and Funding Risk

England, London
£60000 - £65000 per annum + bonus + benefits
Reference
149029
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ