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Altus Business Systems launches Altus Reconciliation Gateway to support new CASS requirements

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Altus Business Systems has launched the Altus Reconciliation Gateway (ARG) an automated asset reconciliation break and rectification solution for platforms, wealth managers, pension administrators and fund managers.

ARG standardises the reconciliation and rectification of investigation breaks via industry agreed best practice and data formats. This means that breaks are fixed more efficiently which minimises market exposure, provides a full audit trail and helps both distributors and Transfer Agencies to meet new CASS requirements.
 
Current reconciliation processes are non-optimised and conducted manually, making it time consuming, resulting in inefficiencies across the fund management supply chain. This has left the industry struggling to cope with rectifying the growing number of reconciliation breaks caused by an increased volume of transfers and share class conversions caused by the RDR. This challenge is further complicated by the changing regulatory landscape over the next eighteen months. From June 2015, custodians and registrars will be required to perform reconciliations on a monthly basis. In April 2016 RDR II will end rebates for legacy share classes leading to further share class conversion projects whilst the industry also wrestles to cope with the Government’s introduction of changes to retirement freedoms.
 
This means firms need to prepare now and start to implement optimised electronic straight through processes in order to handle the resulting increase in reconciliation breaks and ensure breaks are investigated without delays.
 
William Watling, Product Marketing Director at Altus Business Systems says: ‘The increased regulatory burden over the next twelve to eighteen months means that the pressure has never been greater for the investment world to ensure it is ready for change. The new CASS rules due to be introduced later this year coupled with RDR ll and the new pension freedoms provide a ‘perfect storm’ across the industry this year as firms work towards ensuring compliance. ARG is ready now to implement in time for the CASS rules in June and facilitates compliance with new regulation thus saving firms time, money and a sharp tap on the wrist from the FCA.’

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