Morningstar and PIMFA’s tech sprint – ‘the Duty of Care Tech Challenge’ – was designed to challenge FinTechs to develop solutions to help Wealth Management Firms and Advisers navigate the new Financial Conduct Authority (FCA) Consumer Duty regulation.

FinTechs that took part in the tech sprint were asked to create tools to make it easier for Wealth Management firms to better understand their clients. Using Morningstar APIs and data, the FinTechs developed technological solutions to help Wealth Management firms and Advisors navigate Consumer Duty rules around communicating information in a clear, fair and not misleading manner. The FinTechs had access to Morningstar Portfolio Analysis APIs covering asset allocation, geographic breakdowns, sector breakdowns, ESG metrics, risk scores, goal analysis and costs.

Eight FinTechs took part in the tech sprint, which was judged jointly by Morningstar and PIMFA. The four best solutions were presented at the UK Morningstar Investment Conference in London.

Two Fintech participants, InvestSuite and Figg, were crowned joint winners by the Morningstar Investment Conference audience. This is what the jury had to say about our StoryTeller solution: "InvestSuite, a company which offers white-label solutions for portfolio construction, investment platforms, and investment insights and reporting, set out to reimagine hard-to-read reporting formats with an engagement touch so that investors would be able not just to read, but also understand, the content. To do this, InvestSuite used a storytelling format mixed with AI and natural language processing to break down financial reports."

A heartfelt thank you to Morningstar and PIMFA WealthTech for extending the invitation to participate in the fintech challenge and showcase our cutting-edge StoryTeller solution. This recognition underscores our commitment to pushing the boundaries of innovation in the financial technology space.

For more info, click here.