Schroders chooses Broadridge to track product suitability

London-listed fund group Schroders has appointed Broadridge Financial Solutions to manage feedback from its distribution partners, as part of its obligations under the UK’s Consumer Duty rules.

To comply with the new regulations, fund groups are required to review the suitability of their products on a regular basis by collecting and analysing information from distribution channels.

Schroders has chosen Broadridge as its partner of choice, using the UK standard Joint Trade Association’s Distributor Feedback Template to collect standardised and comparable data on funds sold to retail buyers.

“With Broadridge’s in-depth knowledge of fund data, document dissemination and related regulatory reporting experience, we know we are in good hands,” James Rainbow, head of UK at Schroders.

“This partnership means that we can really focus on our key business strategies by letting Broadridge handle the operational workflow process and complexities associated with streamlining the distributor feedback process for us.”

Stephen Johnston, head of fund communication solutions at Broadridge, said he looked forward to supporting Schroders’ endeavours to meet the company’s regulatory reporting obligations.

He added: “Through proprietary algorithms, large and unique data sets, and powerful, predictive analytic solutions we give clients a strategic edge and help them make smarter decisions.”