JHC commences FIGARO MiFID II project
JHC Systems has started the project to deliver the changes neededto FIGARO, its leading wealth management platform to accommodate the MiFID II regulations. According to wealth management benchmarking specialists ComPeer, the senior managers surveyed identified MiFID II as the most important project for 2015, expressing concerns over the relentless pace, increasing burden and cost of regulation, and its unintended consequences. Guidance from the Wealth Management Association (WMA) has been useful in highlighting the key issues arising in MiFID II and JHC is building a plan to deliver the required systems changes. Initial analysis indicates that FIGAROalready has the power and flexibility to accommodate most of the requirements but a detailed review is underway. Project Manager Andrew Watson commented: “Whilst ESMA won’t be producing their final standards until the end of 2015, we are working through the WMA’s helpful documentation and identifying the areas of FIGARO most likely to change. At JHC, we will work closely with our clients, partners and the WMA to gain common agreement on the changes, so that we can begin development as soon as possible.” Chief Executive John Blackman added: “At JHC we recognise the importance of delivering regulatory changes in a timely manner, to give our clients time to test and implement them. The timetable for MiFID II is challenging, especially as the guidance discussion papers and draft Regulatory Technical Standards (RTS) run to over 1,500 pages and there will be some uncertainty over the meaning of the regulations until they are clarified in the course of 2015 – 16. However, MiFID II has been on our Regulatory Committee’s radar for some time now and we will be engaging with our clients to ensure they have the functionality they need by January 2017.
FIGARO clients also enjoy the major benefit of not having to pay for the development of UK and Irish regulatory changes – the cost is covered by their annual maintenance fees, so they can plan and budget with confidence.”