Financial Risk Solutions (FRS), a Dublin-based provider of unit-linked investment administration and compliance oversight software, is pleased to announce that Friends First, one of Ireland’s leading life assurance companies, has selected its Invest|GRCTM (Governance, Risk & Compliance) software to produce Key Information Documents (KIDs), a central requirement of the upcoming Packaged Retail and Insurance-based Investment Products (“PRIIPs“) regulation.
PRIIPs regulation will take effect in January 2018 and will ensure that PRIIPs manufacturers prepare a Key Information Document for each PRIIP that they produce and publish each KID on their company website.
KIDs will be more than a regulatory requirement to provide additional documents – they will be a key component of point-of-sales illustration material and must be provided in good time (before the consumer is bound by any financial decision) and must clearly outline;
· key features of the investment product
· costs of each investment product
Friends First: Ahead of the Industry:
In selecting the Invest|GRCTM solution, Friends First is demonstrating industry-leading preparedness for PRIIPs regulation, as well as deepening an existing relationship with Financial Risk Solutions which already supplies Friends First with Invest|ProTM, an investment administaration software solution.
The compilation of KIDs is extremely complex for PRIIPs manufacturers. Once compiled each KID requires quarterly updates based on the previous five years’ unit prices and current positions holding data. The KID also needs to demonstrate a range of performance scenarios showing possible returns. For Friends First this means that the Invest|GRCTM solution will be generating in excess of 200 KIDs each quarter.
Shane Quinn, Commercial Product Director at Friends First commented on the decision to choose Invest|GRCTM:
“Following a competitive tendering process we are delighted to choose the FRS Invest|GRC™ software to generate our KIDs and view this important legislative change as an opportunity to showcase our strong investment products.”
Frank Carr, Chief Marketing Officer at FRS commented:
“It is a testament to the quality of our software, thought leadership and the relationship between our two companies that Friends First have again chosen FRS to provide their software solution. Invest|GRCTM (Governance, Risk & Compliance) is an award-winning solution* and we look forward to our continuing relationship with Friends First.”