Ascentric will need to hold the data below and we have been contacting those affected.
Legal Entity Identifier – Ascentric will need the LEI that is required for all legal entities or 'non-natural persons'. Trusts, charities and corporate clients that wish to trade in Exchange Traded Instruments (stocks and shares, Exchange Traded Funds etc.) will need to buy their LEI for a fee of about $200 or GBP equivalent £158 (then ongoing $80 per year). For details and registration information: FCA LEI
Decision Makers – for firms, advisers and DFMs that have discretionary permissions on an account, at the point of transaction Ascentric will need the name and National Identifier of the person within that firm who makes the decision to buy or sell the assets (only for Exchange Traded Instruments).
National Identifier – Individuals or 'natural persons' (i.e. human beings, not legal entities) will be identified by their national identifier. Where Ascentric doesn't currently hold this data about decision makers on discretionary accounts, we will need to obtain this. For UK nationals this is their National Insurance Number.
Discretionary Models - Ascentric will need to be able to identify discretionary transactions and a mixed discretionary/advisory portfolio will no longer be allowed. Every existing Model Portfolio must be marked as either 'Discretionary' or 'Advisory'. Using the Model Portfolio cloning functionality, advisers will need to have split their clients where they had a model with a mix of discretionary and advisory clients.