The IMAP-led industry working group to develop data standards for the exchange of managed account model data has kicked off, with the inaugural meeting taking place on 11 November 2017, with a follow-up meeting on 15 February 2018. Over 20 companies were represented at the meetings.
The industry working group was set up by IMAP to develop a common standard for the definition or formats of model data being electronically distributed between participants in the managed accounts sector.
“With the rapid growth of managed accounts in the financial services Industry, model data is being electronically distributed between all participants. However, no standard is in place for the definition or formats for this data,” said Toby Potter, Chair of IMAP.
“This leads to bespoke development, greater risk of error and higher cost of integration. That’s why this industry working group is so important in developing data standards for managed accounts.”
According to IMAP co-ordinator of the Data Standard Project, Mark Perica, the two meetings of the industry working group resulted in robust discussion between platform providers and fund managers.
The key outcome of the meetings were to establish an agreed set of priorities. The first priority was to review the model changes data sharing. To that end, participants were asked to submit their examples of this file. IMAP has since compiled and compared these, and made notes on the files and their use. From this, IMAP developed a suggested standard for this file for review and discussion by the industry working group.
The following companies are members of the industry working group: AMP, APIR, Bennelong Funds, Blackrock, BT, Colonial First State, Copia/Ralton, Elston, Financial Express, Franklin Templeton, Hub 24, IOOF, IRESS, Lonsec, Macquarie, Morningstar, NAB, Netwealth, Powerwrap, Praemium and Schroders
For more information, contact Toby Potter at toby.potter@imap.asn.au or Mark Perica at mark.perica@imap.asn.au.
