Broadridge and Boring Money Collaborate to Deliver Consumer Duty Solution for Asset Managers

Unparalleled, holistic insights created for asset managers and fund boards from combined product and consumer data sets

Boring Money, a financial data and insights business, has collaborated with global Fintech leader Broadridge Financial Solutions, Inc. to provide a single source of data and insights for asset managers that combines product analysis with consumer perspective to holistically address the requirements of the UK’s Consumer Duty regulation.

“The Broadridge and Boring Money collaboration is exactly what’s needed in the market to help asset managers meet the requirements of the Consumer Duty regulation and is aligned with Broadridge’s strategy to provide data-driven solutions for their regulatory needs,” said Devin McCune, vice president of governance, risk and compliance services for Broadridge’s Distribution Insights business. “The combined offering will provide insights into end investors’ product awareness, usage and sentiment, coupled with quantitative metrics, creating the most comprehensive solution possible for asset managers and fund boards.”

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“Asset managers are struggling to find the information they need today, relying on distributors for incomplete data sets. The goal of this collaboration is to provide a clear picture of both the end customer and the products, and to benchmark the information against peers, enabling asset managers to provide independently sourced data to boards while also focusing on actionable improvements,” said Holly Mackay, CEO of Boring Money. “We are thrilled to be working with Broadridge to combine our respective insights and to deliver a solution that helps asset managers meet their requirements while protecting UK retail investors.”

The collaboration brings together Broadridge’s value reporting, fee and performance data, and consulting services with Boring Money’s end investor demographic and perception data, which enables asset managers to better understand and service the retail investors that purchase their funds through intermediaries. The resulting solution provides an unparalleled, holistic view to asset managers and fund boards that correlates quantitative and qualitative information regarding fund distribution and regulatory compliance in the UK.

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Broadridge is a leading provider of distribution-focused data and insights for the global asset management community, helping them grow revenue, manage expenses and adhere to fast changing regulations. Broadridge’s regulatory solutions range from the long established 15c requirement in the US to the Assessment of Value in the UK and will support upcoming Irish and European requirements. Broadridge’s comprehensive capabilities include services to mutual fund boards who are required to assess their fund’s reasonableness related to cost and performance and include support for data sharing via the Distributor Feedback Template (DFT), which helps support asset managers with their Consumer Understanding and Consumer Support obligations.

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Boring Money helps asset managers to understand their end customers, how well their products are serving them, and to evidence whether they are delivering fair value and supporting the outcomes which retail investors say they want. Boring Money has been capturing consumer data for asset management clients since 2019 and can provide insights on customer demographics, wealth, timeframes, risk appetite and more.

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