Published
- 03:00 am
The Financial Conduct Authority (FCA) has published data on the number of complaints reported by firms under new rules which came into force on 30 June 2016.
The data reflect the fact that under the new rules, financial services firms have longer to resolve complaints less formally. Firms now have three days to address a complaint to a consumer’s satisfaction, this is up from the previous next business day time limit.
The FCA believes the new data set is more informative because it shows the number of complaints against size of the business. It also provides greater insight about the products that consumers complain about. This information will provide a better understanding of the areas where consumers are struggling to gain satisfaction.
Greater transparency of complaints information will enable consumers looking to invest or buy products to be better informed about the products that have caused concern for other consumers.
Christopher Woolard, Executive Director of Strategy and Competition, said:
“Consumers want a simple way to complain that does not leave them out of pocket. And they want to be assured that their concerns will be dealt with fairly and quickly.
“These data will provide us with improved intelligence on complaints including new detailed data to show where industry is potentially failing consumers at product level”.
Payment protection insurance (PPI) is the most complained about product. The total number of PPI complaints was 895,000. Excluding PPI, the number of complaints was 2.15 million. Current accounts were the next most complained about product with around 514,000.
The total redress paid to consumers was £1.9 billion in the second half of 2016. When all redress payments related to PPI are excluded, the redress figure is approximately £0.3 billion during the same time period.
- 07:00 am
Kuwait-based Path Solutions has been named ‘Islamic Banking Solution Provider of the Year 2017’ at the just-ended Beacon of ICT (BoICT) 2017 Awards. This is the third time that Path Solutions has been named first on this prestigious list, standing out from competition and beating ICS Financial Systems in the finals.
The BoICT Awards are annual ICT awards recognizing organizations and individuals’ contributions to ICT development in Africa. The awards which were instituted in 2008, are organized by Ken Nwogbo, the Founder and Editor-in-Chief of Nigeria CommunicationsWeek, a leading Nigerian ICT newspaper.
“Receiving this distinction two years in a row is a great privilege, and one that demonstrates our passion for delivering world-class Islamic software solutions across all verticals that meet local regulations and standards”, said Mohammed Kateeb, Path Solutions’ Group Chairman & CEO. “Path Solutions enjoys a solid and established reputation in the African market. Africa represents 24% of the company’s client base. This award will further inspire us to continue to lead the Sharia-based technology sector in the African continent in the years to come”.
Path Solutions offers an extensive suite of software solutions and services to address the growing needs of the Islamic finance sector. The company helps its clients to manage all of their front-to-back office software needs, cut costs, meet Sharia and regulatory requirements, exceed their customer expectations, fend off competition and increase their market share.
Commenting on the award, the spokesperson of Communication Week Media Limited, the publishers of Nigeria CommunicationsWeek, said, “I am very pleased to have the honour of informing you that Path Solutions has emerged winner in ‘Islamic Banking Solution Provider of the Year’ category in the 2017 BoICT Awards. You are a clear leader in the sector as over 351,924 of our readers voted for you. This is a strong testament of your innovations, contributions and commitment to the growth of the ICT industry, and we are happy that Africans have indeed recognized your outstanding work and excellence”.
The BoICT Distinguished Lectures/Awards are widely regarded as the largest gathering of ICT practitioners and regulators under one roof. The Award Ceremony rewards best practices and recognizes outstanding contributions to the growth of the Islamic finance sector, while the Distinguished Lecture, now in its eight year, is aimed at charting the way forward for the country’s ICT industry. The theme of the 2017 BoICT Lecture was “Empowering Youth Through Digital Citizenship”.The theme leans heavily on the fact that Information and Communication Technology has become a vital player in the development of modern society.
This year’s BoICT Distinguished Lecture and Award Ceremony were held in the presence of local dignitaries on Saturday, April 22 at the prestigious Eko Hotels and Suites in Lagos. The ceremony was chaired by Prof. Umar Garba Danbatta, Executive Chairman of Nigerian Communications Commission (NCC).
- 07:00 am
Medici Ventures, a global leader in advancing blockchain technology, has added bitcoin consumer financial service platform Ripio to its portfolio of strategic blockchain-focused investments through participation in Ripio’s Series A financing.
Ripio’s bitcoin financial services suite utilizes the blockchain and traditional payment rails to allow Latin America’s unbanked and underbanked population (as high as 70% in some areas) to buy and sell bitcoins using local currencies, and to pay for goods and services through a simple, direct transfer to peers and merchants. The platform currently has over seventy thousand users across Argentina and Brazil, and is in the process of expanding to other countries in the region, including Mexico and Colombia.
“Ripio has simplified the peer-to-peer payment system in a way that is accessible to anyone with a smartphone, no matter his or her level of technical sophistication,” said Medici Ventures’ President Jonathan Johnson. “This is exactly the type of life-changing application of blockchain technology that Medici Ventures is interested in.”
“We are super excited to partner with Medici Ventures team,” stated Sebastian Serrano, CEO and Co-Founder of Ripio. “This investment and their experience will help us to leverage our vision of democratizing access to financial services in emerging markets. We are honored to be part of its portfolio and we look to strengthen our synergies in the near future.”
Medici Ventures is a leader in advancing blockchain technology, and parent company of t0.com, which recently aided Overstock.com in completing the world’s first blockchain-based stock offering on its proprietary platform. Medici Ventures has investments in emerging technologies across several industries, including capital markets, banking, identity authentication and protection, land titling, voting, and more.
- 08:00 am
In May 2017, Jason Atherton’s Michelin-starred restaurant and bar, City Social, is set to revolutionise the way we consume cocktails with the launch of MIRAGE, the world’s first augmented reality cocktail menu.
18 months in the making, MIRAGE is a cocktail list elevated to new dimensions with the use of a purpose- built app, created by Mustard Designs. Upon selecting one of the 12 new serves, guests will be presented with a cocktail that initially appears like any other. However, once the app is pointed in the direction of the drink, the augmented reality technology comes into play, transforming the guest’s perception of the cocktail and bringing their surroundings to vivid life.
Created by two of the bar industry’s most established personalities, Group Bar Executive of The Social Company, Jamie Jones, and City Social Bar Manager, Tim Laferla, the inspiration behind the list of cocktails is art through the ages, with each serve influenced by a different artist or era. From Van Gogh to Banksy,
MIRAGE immerses the guest in a vibrant world where great tasting cocktails become interactive art. Using premium spirits from some of the world’s leading drinks companies, including Pernod Ricard, Diageo, William Chase and G’Vine, the list comprises a varied selection of techniques and flavour profiles.
While most of the menu will remain under wraps until launch, City Social has exclusively revealed the details on three of the cocktails set to feature on the new list. Taking inspiration from the Victorian era, Dogstone Brew blends Hendrick’s Gin, port, bergamot, black tea split milk and orchid root to create a clarified milk punch cocktail with floral notes and a long finish that is served accompanied by floating Victoriana-style balloons and Monty Python-esque imagery. A nod to the iconic Art Nouveau posters of the late 1800s and early 1900s, subtle and decadent champagne cocktail, Sashay, blends Perrier Jouët Belle Époque Champagne, Japanese plum wine, jasmine and liquorice and features a beautiful woman reclining on a chaise longue. A mix of Ketel One Vodka, elderflower, bee pollen, lager and egg white, Wheatfields with Fizz references iconic symbols of Van Gogh’s paintings including ‘Starry Night’, ‘Wheatfields with Crows’ and ‘View of Arles’.
- 07:00 am
Avaloq intends to further capitalise on the opportunities offered by the ongoing transformation and digitalisation of the financial industry. Jiten Varu has been appointed as new Head of Product Management and will join Avaloq’s Executive Board.
With Jiten Varu as new Head of Product Management and member of the Executive Board, Avaloq has won a proven expert and experienced leader. He will be reporting directly to Thomas Beck, Avaloq’s Group Chief Technology Officer (CTO). Jiten has over 20 years of experience and brings with him a wealth of knowledge in the financial software, technology and banking industry. Jiten joins Avaloq from Credit Suisse, where he had been Head of Digitalisation for the International Wealth Division. In this position, he drove the digital roadmap, refining client relationship and investment services, leveraging innovation culture for adapted products offerings. Prior to this, Jiten had been leading Digital Strategy & Products at Swissquote, where he championed strategic partnerships and product excellence.
“We are excited to have Jiten on board. He distinguishes himself through his deep understanding of the financial industry and his expertise in client centric delivery coupled with digital product excellence. With his industry knowledge and technology foresight, Avaloq will exploit new opportunities opened up by the digital transformation,” says Thomas Beck, Group CTO for Avaloq.
Jiten holds a first class degree in Information Systems Engineering from the University of Westminster. He started his career in the banking industry at ABN Amro Bank in London where he had worked for more than a decade.
- 04:00 am
Today, BeCyberSure, a leading provider of data management and information security solutions, has revealed implementation of General Data Protection Regulation (GDPR) risk assessment framework.
Along the expansion of digital marketplace, arises the need for proper data management and its security. GDPR substitutes UK Data protection Act 1998 and applies it to every company that collects, processes or stores EU citizens’ data, irrespective of sector, size and geographical location.
BeCyberSure ensures that all business entities regardless of their size, comply with GDPR via providing accurate audits and comprehensive tests of the organizations’ activities. Particularly, GDPR sets for companies an essential benchmark that navigates them while executing internal changes in their policies. It includes modifications in human resources, technological upgrades, and other procedural aspects that require compliance with regulations.
Carolyn Harrison, Marketing Director at BeCyberSure adds that GDPR is a company wide-issue and should not be applied solely to IT. Every assessment starts with people, policies, and processes to unveil any possible variations that may result in non-compliance.
Harrison also notes: “We then deep-dive, looking at what data the organisation is capturing, how it is processed, what consent has been given, where it is stored and how to dispose of unrequired information”. “The best technology in the world can be rendered useless, if an open door, whether physical or digital, creates the opportunity to access to data.”
No doubts, launch of GDPR assessment is one more proof of the company’s commitment to develop long-term relationships with customers based on transparency and trust.
Ian Kerr
CEO at Bolero International
A strong focus on digitisation in trade finance made the International Chamber of Commerce (ICC) Banking Commission’s 2017 annual meeting in Jakarta an environment where Bolero chairman Daniel Cott see more
- 07:00 am
ITG, a leading independent broker and financial technology provider, today announced plans to offer conditional orders for POSIT Alert® in Europe.
The conditional order functionality can enhance the significant buy-side block liquidity currently available in POSIT Alert, which averaged $18 billion in indicated daily liquidity in the EMEA region during the first quarter of 2017. Conditional orders are already available as an opt-in feature to POSIT Alert in the U.S. and the functionality will be rolled out for POSIT Alert in EMEA during the second quarter of 2017.
“With the MiFID II trading rules nearing on the horizon, there is a greater focus on block trading,” said Duncan Higgins, Head of Electronic Products for ITG in Europe. “Investors are looking to interact with non-displayed liquidity in a more deliberate way and the conditional orders functionality enables users to access new block liquidity sources while still minimizing their market impact.”
New POSIT Alert Records
The new conditional order functionality adds to the strength of POSIT Alert’s global crossing capabilities. POSIT Alert set new trading records in the first quarter of 2017, with more than $440 million in average daily value traded in EMEA and more than $42 million in Asia Pacific. POSIT Alert is available to buyside traders to execute in 37 markets worldwide, seamlessly connecting the trade blotters of more than 2000 traders. POSIT Alert averages more than $60 billion in indicated liquidity per day globally, with an average trade value of more than $1.4 million.
- 01:00 am
ENSO, a NEX Group business and leading portfolio finance and centralized treasury management solution for the buy-side, announces today that it plans to expand the ENSO Broker Vote tool (“Broker Vote”) to include MiFID II research consumption, powered by RSRCHXchange, the MiFID II compliant marketplace for institutional research.
The expanded Broker Vote tool will provide clients with a clear methodology for research payments, fully validating how payments for research were reached based on the quantity and quality of services provided. In addition, ENSO clients will be able to value each research provider based on their total consumption, wallet commissions and overall quality ratings.
Broker Vote maintains its industry-wide known broker vote functionality while clearly linking services to payments for research and avoiding any conflicts of interest with execution under MiFID II.
Matthew Bernard, Chief Executive Officer of ENSO, said: “MiFID II is a key focus not only for our clients, but for the broader marketplace in 2017. By expanding our Broker Vote tool we are able to deliver an enhanced solution to address the pivotal research requirements for both our sell-side and buy-side clients alike. At NEX, we have a strong history of partnering with businesses that are addressing tomorrow's issues. We are excited to collaborate with RSRCHXchange to solve this problem for our clients and the market.”
Vicky Sanders, Co-Chief Executive Officer of RSRCHXchange, said: “We are excited to be working with ENSO and enhancing their Broker Vote tool. They are award-winning innovators and they are providing the industry with an evidenced Broker Vote tool, which is not only MiFID II compliant, but also best in breed."
RSRCHXchange is the latest company to join the Euclid Opportunities portfolio, NEX Group’s financial technology investment business. RSRCHXchange launched RSRCHX, its marketplace and MiFID II workflow solution for institutional research in 2015, in anticipation of the unbundling rules which come into force in January 2018.
Pairing ENSO’s community of more than $1 trillion in client assets under advisory (AUA) and 14 major broker-dealers with RSRCHXchange’s more than 1,000 asset management firms and over 200 bank, broker and boutique research providers, establishes a powerful buy-side and sell-side client base who are actively preparing for preparing for MiFID II regulations.
- 01:00 am
3W Infra, a fast-growing global Infrastructure-as-a-Service (IaaS) hosting provider headquartered in Amsterdam, announces the expansion of its managed services offering with the launch of 3W Infra IT Infrastructure Relocation - a newly delivered data center neutral relocation service for IT infrastructures housed in data centers located in the Amsterdam region, Frankfurt and London.
The new managed service, 3W Infra IT Infrastructure Relocation, delivered by 3W Infra’s certified mobile engineering teams, is aimed at different types of users including enterprises, Cloud Services Providers (CSPs), Systems Integrators (SIs), Managed Services Providers (MSPs) and colocation companies. Uniquely, the 3W Infra IT Infrastructure Relocation service is being delivered beyond the scope of the company’s own Amsterdam-based flagship data center and its existing global IaaS customer base.
“We like to see ourselves as pretty broad-minded,” said Roy Premchand, Managing Director of 3W Infra. “We don’t consider it cheating when users decide to deploy their infrastructures outside the 3W Infra network in another colocation data center. We’re even willing to relocate IT infrastructures from our flagship Amsterdam premises to competing facilities. Also relocation of IT Infrastructure from a data center on the Internet hub in Frankfurt to a London facility would be an option, or vice versa. Our open-minded approach towards the delivery of engineering services is part of our intention to build long-lasting relationships within the hosting business.”
The 3W Infra IT Infrastructure Relocation service includes the following activities for data center relocation strategy, planning and execution:
- Roadmap for relocation – Based on hardware inventory, 3W Infra engineers and a project manager will determine the scope of the project. Which servers and network equipment need to be relocated? This equipment may include rack servers, routers, switches, load balancing devices, firewalls, power distribution units (PDUs), backup devices, et cetera.
- Project Management – 3W Infra’s project managers provide end-to-end project management services, which involves the migration management of associated equipment and planning for the overall ‘big picture.’ Experienced project managers are able to administer dependencies between different migration tasks while identifying risks and taking action to avoid them.
- Preparing, planning and documentation – The 3W Infra IT Infrastructure Relocation service includes taking care of detailed lists describing everything in the existing data center environment. It also includes all details of the desired successful migration results associated with the project. Derived from the roadmap design, an implementation plan will describe all steps, dates/moments, resources, and all parties/people involved.
- Logistics – Building on previously drafted documents, experienced logistics specialists make sure that all hardware equipment is being transported according to plan. This role includes selecting the appropriate means of transportation while eliminating risks.
- Providing a New Setup – 3W Infra’s certified engineers are able to provide hardware design tasks and site preparation tasks onsite. If needed, they can even provide a whole new setup for a customer’s IT infrastructure in the new data center environment.
- Step-by-Step Migration – According to 3W Infra, an effective strategy to minimize downtime is to create an active-active setup at both data center locations - the previous and new environment. 3W Infra’s recent ‘active-active’ migration of its full IaaS infrastructure with 4,000 dedicated servers would be the proof that it’s the recommended strategy for a low-risk data center relocation approach.
- Relocation Evaluation – With business continuity of the relocated IT Infrastructures in mind, 3W Infra’s relocation project management teams provide comprehensive evaluation – ensuring that the new data center environment provisioned is meeting current and long-term requirements.
For 3W Infra’s engineering teams it doesn’t matter if customers are in need of a bulky server migration or relocation of just a small amount of servers. “Our Project Management department is professionally capable of doing any relocation project,” said Mr. Premchand. “Evidence will follow soon, as they have commenced relocating our own IaaS environment with 4,000 dedicated servers under management to a new, highly redundant and energy-efficient data center in Amsterdam, in Switch Ams1.”
3W Infra’s IT Infrastructure Relocation service would help organizations with:
- Getting Fast Results – It helps organizations meet rigid deadlines for relocating their IT infrastructure.
- Saving Time and Costs – When done by experts, data center relocation would save time and therefore costs.
- Filling in Expertise Gap – Relocation of IT Infrastructure is being done only once in a while, so most organizations don’t have the expertise on-board.
- Improving Availability – When done right, a new setup might help organizations get rid of their legacy configurations while improving the availability of their environments.
