Corporate actions are the part of investment operations that nobody enjoys talking about until they go wrong. Whether it is a dividend payment, a fund merger, a name change or a liquidation, each event carries complexity, risk and too often unnecessary cost.

In our latest industry working group, we heard the same frustrations repeated. Data arrives fragmented, formats differ, reconciliation is manual, deadlines are tight, and the stakes are high. A missed or mishandled action can mean seven-figure compensation, consumer duty breaches, and difficult conversations with regulators.

So what can we do?

At TURN, we are leading the creation of the Universal Reporting Network. The aim is to define a minimum standard for corporate actions, starting with four event types. By agreeing which data fields must be mandatory, which can be optional, and which depend on market conditions, we can create a framework that every firm can use.

For dividends, that means ISINs, ex-dates, payment dates and gross/net amounts. For mergers, it means disappearing and target ISINs. For liquidations, it means last redemption dates and indicative payment dates. And for fund name changes, it means a simple but vital old-to-new mapping.

This is not theory. It is a practical framework that reduces errors, lowers costs, and most importantly protects investors. Standardisation will mean fewer disputes, smoother processing, and greater confidence across the industry.

By the end of October, we will have agreed standards for these four events, with more to follow. It is a small step that will deliver a very large impact.