Irish life assurer Friends First has selected Financial Risk Solutions’ (FRS) Invest|GRC software to produce key information documents (KIDs), a central requirement of the upcoming Packaged Retail and Insurance-based Investment Products (“PRIIPs“) regulation.
FRS is a Dublin-based provider of unit-linked investment administration and compliance oversight software.
PRIIPs regulation is due to take effect in January 2018 and will ensure that PRIIPs manufacturers prepare a key information document for each PRIIP that they produce and publish each KID on their company website.
KIDs will be more than a regulatory requirement to provide additional documents – they will be a key component of point-of-sales illustration material and must be provided in good time (before the consumer is bound by any financial decision) and must clearly outline:
- key features of the investment product
- costs of each investment product
Once compiled each KID requires quarterly updates based on the previous five years’ unit prices and current positions holding data. The KID also needs to demonstrate a range of performance scenarios showing possible returns.
FRS said for Friends First this means that the Invest|GRCTM solution will be generating in excess of 200 KIDs each quarter.
Friends First has over 281,000 customers and employ over 300 people in Ireland. Friends First is fully owned by the Dutch Insurance Group, Achmea