7.06: DATA

“We believe that in a regulated industry, where storing your data is a legal requirement, it is not right to charge data storage fees” – Smartr365

Providers were asked about their policies towards data ‘ownership’ and portability, including the importing and exporting of data and any costs. This was a subject repeatedly raised by advisers in last year’s report.

Most systems state that the data is either owned and/or ‘controlled’ by the adviser and allow for data to be downloaded as a .csv file.

OMS’s policy is that the broker owns the data and should they want to leave OMS, the firm will download data as soon as possible.

360 Lifecycle has imported over 400,000 case records over the past 18 months from a variety of alternate providers. It did not state an export policy.

Figure 7.11: Data ownership and portability policies

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This data was collated in January 2021. Trek Publishing Limited accepts no liability for loss or damage to material submitted for publication.
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