The FCA is asking selected wealth firms to provide detailed information on business models, product ranges, and governance and controls as part of a thematic review on non-advised and simplified advice investment sales. Nishil Khimasia, Performance & Marketing Director of leading consumer insights business, Equifax, believes firms must be able to demonstrate to the FCA that they have the best possible understanding of their customers as part of this review.
“There is no question that the FCA is putting the spotlight on how customers are treated at every stage of a financial relationship” said Nishil Khimasia. “This requires a depth of understanding that simply cannot be achieved through the traditional approach of gathering survey data. Real consumer investment purchase behaviour at postcode level will be the only way to give the FCA confidence that ‘know your customer’ requirements have been met fully. The new Equifax Investor Insights solution delivers precisely this insight.
“Based on more than £345 billion of actual investment sales shared by wealth and investment providers through the Equifax Touchstone Data Exchange, Equifax Investor Insights enables companies to build a clear picture of customers to ensure they are targeted in the most effective way with the products that are right for them. Applied retrospectively to existing customer data, it can also enable firms to demonstrate to the FCA a clear understanding of previous purchase behaviour which we believe is an integral part of the thematic review.”
Featuring more than 200 investment characteristics, Equifax Investor Insights provides the value and frequency of investment product purchases, including age, risk and products held, giving providers a better understanding of their customers.