Management solutions provider Focus Solutions has released a compliance product for mortgage, insurance and investment firms.
Called MCA:reporter, the product will enable organisations to collate their sales information from multiple client administration systems, irrespective of the data format, and translate it into XBRL, the technical reporting language stipulated by the FSA, to provide a single data feed to the regulator, said Focus.
Focus director of market propositions, Nigel Smith, said: “Financial organisations have to start collecting their data from 1st April 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.
“We believe at Focus that we are well placed, through a combination of our financial services knowledge and our 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.
