Focus Solutions has launched a product to help mortgage, insurance andinvestment firms comply with the Financial Services Authority's reporting requirements.
In the FSA's new mandatory rules for regulated it stated that as of April 1 2005 all firms involved in mortgage, general insurance or retail investment activities must provide all data relating to regulatory returns electronically to the FSA.
For the first time the FSA has defined a technical reporting language that financial organisations must use to submit this data – XBRL or eXtensible Business Reporting Language.
Focus' new product, called MCA:reporter, will enable organisations to collate their sales information from multiple client administration systems, irrespective of the data format, and translate it into XBRL to provide a single data feed directly back to the FSA.
Nigel Smith, director of market propositions at Focus Solutions Group, says: “Financial organisations have to start collecting their data from April 1 2005, so they have just 12 months to transform their business processes to be able to comply with the new FSA requirements.
“Large companies with multiple business units and product databases in particular will find this a challenging task. Focus is well placed, through a combination of its financial services knowledge and its XML expertise, to provide a product that will support both the regulated entity and the FSA to implement XBRL as the industry standard for regulatory reporting.”