Many of our solutions are created in order to satisfy a regulatory requirement; these can include changes to existing regulations or the introduction of new rules from the EU, FCA or other governing and professional bodies.
For this project, Cofunds was seeking a way to meet the stipulations of the FCA’s forthcoming “Sunset Clause”, due to arrive in April 2016, which states that platforms will stop retaining rebates from the annual management charge to pay for advisers’ services. The project objective was to provide an online Cost Comparison Tool to offer advisers and intermediaries a detailed and personalised breakdown of current and future costs.
FundsLibrary delivered a bespoke, Cofunds-branded Cost Comparison Tool, fully integrated with Cofunds’ systems and powered by a personalised calculation engine. In addition to on-screen tooling, we also provided a fully tailored design for PDF generation of the calculated comparisons for advisers or intermediaries to provide to end customers.
FundsLibrary worked within very tight timeframes in accordance with Cofunds’ wider project release programme. This required overtime and weekend development to ensure on time delivery. The solution requirements were refined throughout the implementation and FundsLibrary incorporated all such change challenges by ongoing revision of the implementation plan.
The project was ultimately delivered over a weekend as specified by Cofunds and post go-live support was provided by FundsLibrary to facilitate a smooth deployment.
The Cost Comparison Tool was launched in early 2015, prompting a press release by Cofunds to alert users to the enhanced offering in light of the changing regulatory environment. The solution has been very well received by IFAs, according to Cofunds in a recent service review. The project was delivered on time and within budget with a number of new Change Requests also completed within the original estimated timeframes and costs.