PPF Calculation and Reporting Review for Global Asset Manager
Xcina Case Study

Pension Protection Levy Calculation and Reporting Process Review for Global Asset Manager

The client

A prestigious global asset manager with over  £600 billion in assets under management (AUM) which has offices in London, New York, Sydney and Tokyo. Its core focus is managing pension assets across multiple asset classes and strategies. Their client base consists of pension funds, corporates, insurers, sovereign wealth funds and individuals.

The work

We reviewed the client’s Pensions’ Protection Fund (PPF) Asset Valuation Client Reporting process to assess compliance with relevant legislation and regulations, notably ‘The Pensions Act 2004’ and ‘The PPF Guidance and Regulations – Guidance for Bespoke Stress Calculations for Assessing Investment Risk’. Our client is not directly subject to the above legislation and regulations but, because some of its own clients are, our client prepares relevant investment portfolio reports to assist them with meeting their legal and regulatory reporting obligations.

How we helped

Our experienced specialists initially completed the baseline assessment during phase 1 that entailed testing a limited number of portfolios across a limited asset class coverage. This work required the mapping of legal and regulatory requirements to the valuation reporting templates and performing relevant recalculations and reconciliations. The scope was then expanded in phase 2 to testing a larger sample of portfolios covering a wider range of asset classes and also performing a front to back review of the whole PPF levy reporting process.

Value added

Our industry knowledge and expertise enabled us to share insights about industry best practice relating to the more complex and subjective asset classification issues. We also highlighted the significant operational process challenges that required remediation and provided recommendations for enhanced operational efficiency and effectiveness. Furthermore, our review of the front to back processes for PPF levy reporting highlighted weaknesses around data quality that impacted other users and reporting streams in the organisation relying on the same source data used for PPF levy reporting such as the Solvency II reporting stream.

Industry and sector:

Financial Services

Solutions and service area:

What our clients say

"Xcina is always responsive to any question we have during the time we are implementing data protection remediation activities, they keep us informed and understand what we need and what we’re trying to do. "

Getac Technology Corp, Legal Affairs Center

"Xcina is always responsive to any question we have during the time we are implementing data protection remediation activities, they keep us informed and understand what we need and what we’re trying to do."

ParkMobileUK, Managing Director

"Xcina Consulting performed an annual review of our card data environment, and ensured that we are compliant with the PCI-DSS. We continue to work with their experienced QSAs, leveraging their guidance and best practices so we have the highest possible level of security controls in place."

DKB Brands, Data Protection Officer

"Xcina really helped us to kick start our data protection compliance process. They took the time to speak to all departments of the business and outlined our highest risk to lowest risk areas. The insight and guidance they provided was essential for our business to become GDPR compliant."

Portman Settled Estates Limited, Estate Secretary

"Xcina’s ongoing support has ensured that our employees feel confident when dealing with data protection matters, with best practice knowledge and expertise from consultants who have taken the time to get to know our business and our industry."

National Bank of Kuwait, Compliance Officer

"Xcina worked with us on a number of data protection matters, including subject access requests and gave helpful, practical advice which reflected their understanding of technology issues as well as legal matters."

Your World Recruitment, Group IT Director

"We have worked with with Xcina successfully for two years, initially on internal GDPR GAP analysis. We now have them engaged as our ‘Virtual DPO’ provider and regularly receive useful, pragmatic and, more importantly, actionable advice on all areas of Data Protection."

Quadrangle Research, Group Chief Operating Officer

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