Money Info

A Message from Lord Pickles and Lord Blunkett, followed by Money Info's best practice article

The ability to listen and learn from one another has always been vital in parliament, in business and in most aspects of daily life. But at this particular moment in time, as national and global events continue to reiterate, it is uncommonly crucial that we forge new channels of communication and reinforce existing ones. The following article from Money Info is an attempt to do just that. We would welcome your thoughts on this or any other Parliamentary Review article.

Blunkett signature Rt Hon The Lord David Blunkett, MP
Pickles signature Rt Hon The Lord Eric Pickles, MP

www.moneyinfo.com

THE PARLIAMENTARY REVIEW
Highlighting best practice
40 | MONEYINFO
Tessa Lee, managing director
See the bigger picture
moneyinfo, the company behind the smart financial
app, was established in 1998 and is based in Henley-
in-Arden, Warwickshire. Their app allows the user to
organise all their finances and access them at any time. The
focus and ethos behind the app is to make the end-user’s life
easier. Savings, pensions, insurances, bank accounts, credit
cards, store cards, mortgages, loans and property alongside
all the associated paperwork are all brought together,
organised and updated, providing peace of mind, no matter
where one might be. Tessa Lee, managing director of
moneyinfo limited, elaborates on their award-winning fintech
app, and how they aim to deliver simplicity and connectivity in
everything theydo.
We were founded in 1998 to develop websites for financial advisers. In 2010, the
company acquired FinQS, a small fintech start-up, to bring their technical team on
board. We have since crafted our app from the ground up, and it is today the most
comprehensive aggregation service offered in the UK.
We now have 18 staff, and a growing client base of 58 adviser firms alongside
three workplace benefit consultancies. User numbers are up from 2,000 in April
2014 to 60,500 in May 2018. We’re growing, and fast.
AT A GLANCE
moneyinfo
»Managing director: Tessa Lee
»Established in 1998
»Based in Henley-in-Arden,
Warwickshire
»Services: Award-winning UK
fintech
»No. of employees: 18
»60,000+ end-users across
wealth management and
workplace
»Tracking £15 billion in assets
moneyinfo
41MONEYINFO |
BEST PRACTICE REPRESENTATIVE 2018
It’s only when
consumers see
an aggregated
view of their
financial world
that they
wonder how
they managed
before
How it works
The FCA recommends the
development of a dashboard to enable
consumers to view their lifetime
pension savings in one place, allowing
them to take greater control of
planning for their retirement.
Our app achieves this level of
connectivity through its unique
aggregation service which, for
example, can track your pension with
Standard Life, your property with the
Land Registry, your bank account with
NatWest and your spending on your
John Lewis store card.
By aggregating your finances together,
banks, investment and insurance
providers can use the data with
artificial intelligence (AI) and robo-
advice tools to help account and
policy holders achieve better financial
outcomes.
For the end-user, keeping all their
sensitive financial information on
one platform may seem a little scary,
especially given recent headlines, but
the bank-level encryption our software
uses keeps your information safe.
What’s more, our app is “view-only”
– which means that neither you, nor
anyone else, can move or transfer
money through the app.
Instant access to important
documents removes the need
for paper
Our app allows you to store all your
financial paperwork including your
home insurance, car insurance, life
insurance, loan agreements, mortgage
statements and even your wills,
alongside the asset they relate to,
for example, your home insurance
with your property. moneyinfo keeps
your documents safe, secure and
accessible, reassuring you that, in the
event of an emergency, you can access
the information you need quickly
andeasily.
We create a full summary of your
finances. It’s a true picture of your
net worth, displaying assets against
liabilities, and affordability, your
income against expenditure. This is
important, should you want to borrow
money, buy a house or work out
when you can afford to retire. The
moneyinfo platform provides a clear
and concise picture to address each of
these requests.
Andrew Rafferty, managing director
of Origo, comments: “It’s only when
consumers see an aggregated view of
their financial world that they wonder
how they managed before.”
Accessible via your
smartphone
THE PARLIAMENTARY REVIEW
Highlighting best practice
42 | MONEYINFO
Extending access to advice
Research by Aegon said that only 14
per cent of people would be confident
planning retirement goals or knowing
where to meet these goals without
financial advice.
For many of us, advice is too
expensive. This is in large part caused
by the time spent gathering together
all the information required to fully
understand your current situation.
Our platform captures factfind data
automatically, reducing the cost
and increasing data accuracy. This
information can be used to deliver
automated advice, identifying needs
and demonstrating potential solutions
based on specific circumstances,
providing access to advice at a greatly
reduced cost.
Route to market and the
challenges therein
Getting a consumer app to market is
not easy. There are concerns and issues
with security and trust, and getting
people to use it when there’s no data
to start with is difficult. We’ve solved
these problems by distributing the app
across two vertical markets that can
deliver the app with appropriate data
already pre-filled. We currently offer
this service via both financial advisers
and the workplace.
For adviser firms, clients can view their
adviser-managed assets – investments,
pensions and savings – and associated
paperwork, including portfolio reports,
contract notes and policy documents,
all of which are automatically filed
for ease of access. Secure messaging,
enhanced privacy controls and
document sharing keep the client’s
financial information safe, and ensure
all processes remain in line with GDPR.
In the workplace, our app allows
employees to see their employer-
sponsored benefits – for example,
their pension scheme, life assurance,
healthcare and voucher schemes
in context with their own personal
finances. Nudges (gentle reminders)
can be enabled to encourage debt
reduction and long-term saving,
helping the company to improve
its employees’ financial wellbeing
while remaining fiscally responsible
themselves.
Ultimately, we can all benefit by having
our finances organised, to both see
where we are and better plan for the
future.
“Rapping” about
FinTech – Best in Show
at the Personal Finance
Society Festival 2017
The FCA
recommends
the
development
of a dashboard
to enable
consumers to
view their
lifetime
pension
savings in one
place, which
thus allows
them to take
greater control
of planning
for their
retirement
With moneyinfo you can…
View your
investment portfolio
Track your
property values
Quickly access your
insurance details
Manage your income
and spending
Be reminded about your
renewals, income and payments
Safely store all of your
important documents

The Parliamentary Review Publication, in which this article originally appeared, contained the following foreword from the prime minister.

The Rt Hon Theresa May MP's Foreword For The Parliamentary Review

By The Rt Hon Theresa May MP

British politics provides ample material for analysis in the pages of The Parliamentary Review. For Her Majesty’s Government, our task in the year ahead is clear: to achieve the best Brexit deal for Britain and to carry on our work to build a more prosperous and united country – one that truly works for everyone. 

The right Brexit deal will not be sufficient on its own to secure a more prosperous future for Britain. We also need to ensure that our economy is ready for what tomorrow will bring. Our Modern Industrial Strategy is our plan to do that. It means Government stepping up to secure the foundations of our productivity: providing an education system that delivers the skills our economy needs, improving school standards and transforming technical education; delivering infrastructure for growth; ensuring people have the homes they need in the places they want to live. It is all about taking action for the long-term that will pay dividends in the future.

But it also goes beyond that. Government, the private sector and academia working together as strategic partners achieve far more than we could separately. That is why we have set an ambitious goal of lifting UK public and private research and development investment to 2.4 per cent of GDP by 2027. It is why we are developing four Grand Challenges, the big drivers of social and economic change in the world today: harnessing artificial intelligence and the data revolution; leading in changes to the future of mobility; meeting the challenges of our ageing society; and driving ahead the revolution in clean growth. By focusing our efforts on making the most of these areas of enormous potential, we can develop new exports, grow new industries and create more good jobs in every part of our country.

Years of hard work and sacrifice from the British people have got our deficit down by over three quarters. We are building on this success by taking a balanced approach to public spending. We are continuing to deal with our debts, so that our economy can remain strong and we can protect people’s jobs, and at the same time we are investing in vital public services, like our NHS. We have set out plans to increase NHS funding annually by an average by 3.4 percent in real terms: that is £394 million a week more. In return, the NHS will produce a ten-year plan, led by doctors and nurses, to eliminate waste and improve patient care.

I believe that Britain can look to the future with confidence. We are leaving the EU and setting a new course for prosperity as a global trading nation. We have a Modern Industrial Strategy that is strengthening the foundations of our economy and helping us to seize the opportunities of the future. We are investing in the public services we all rely on and helping them to grow and improve. Building on our country’s great strengths – our world-class universities and researchers, our excellent services sector, our cutting edge manufacturers, our vibrant creative industries, our dedicated public servants – we can look towards a new decade that is ripe with possibility. The government I lead is doing all it can to make that brighter future a reality for everyone in our country. 

British politics provides ample material for analysis in the pages of The Parliamentary Review 
The Rt Hon Theresa May MP
Prime Minister