Prudential UK is deploying the Progress Fuse enterprise service bus (ESB) in its annuities business unit as a first step in making its IT infrastructure more agile and flexible, while simultaneously automating procedures
As the pace of modern life quickens the mobile phone is now an indispensable tool, with many using it in their everyday working lives. Tony Dennis looks at how financial institutions are catering for and taking advantage of this increased mobility to try and gain staff efficiency benefits, while still protecting their networks. The best smartphones, operating systems and mobile devices are also examined
Belgium's Dexia Insurance is installing Barrie & Hibbert's Economic Scenario Generator (ESG) software to assist its Solvency II compliance calculations. The suite of stochastic asset modelling tools will allow the insurer to assess group wide economic and regulatory capital needs more easily
With the Retail Distribution Review proposals now largely clear, advisors and financial firms should start getting ready for fundamental changes in the distribution channels for retail financial products across various sectors, such as pensions, insurance, banking, and wealth management. Resistance is futile, says Duncan Jefferies, as the early movers will gain first advantage
The credibility of financial regulation, and indeed services, has taken a battering in recent years, but in the insurance industry the Solvency II capital adequacy regulations hope to learn from past mistakes, establishing a gold standard for many years to come. Justin Quillinan looks at the latest developments ahead of the 2012 start date and assesses whether the industry is on target to meet it
The last year or two have been some of the most difficult on record for IT teams at financial institutions, as they have sought to learn the lessons from the banking crisis and comply with the raft of new regulations that are coming in post-crunch, while dealing with reduced budgets and impending revolutionary changes, such as the SDD payment scheme and the rise of mobile banking. New technologies like cloud computing have also demanded the attention of IT teams across the sector. Neil Ainger looks ahead at what the challenges in 2010 are likely to be
The Financial Services Authority (FSA) is fining Standard Life Assurance Limited (SLAL) £2.45m for serious systems and controls failings that resulted in the production of misleading marketing material for its Pension Sterling Fund. The move is the first significant fine of 2010 and signals the FSA's intention to get tough, following on from its £7m fine last year for Toronto Dominion Bank (London branch); £2.45m for Barclays; and £3m hit on HSBC for losing personal data
Aegon Scottish Equitable is deploying the At Retirement Planner from Distribution Technology to help internal advisors and independent financial advisors (IFAs) to use stochastic analysis to guide clients on their retirement options and appropriate asset mixes for pensions decumulation