TURN (The Universal Reporting Network) is a European Regulatory and Operational data Blockchain.
It was established by TISA (The Investing and Saving Alliance, a UK industry body, representing, with over 270 members, retail savings and wealth businesses, predominantly in the UK) in 2020.
TURN is designed by the industry, with the industry, for the industry.
It was established to tackle key pain points in sharing important regulatory data for pre contract disclosure and for periodic reporting.
Initially, TURN’s focus is on the core industry standard regulatory data templates – the EET, EMT and EPT together with data templates for Consumer Duty (including Distributor Feedback), Fund Static and Dynamic Data and Corporate Actions.
Asset managers need to make key disclosures for pre and post sale. If they don’t their products won’t be sold.
Distribution businesses (investment platforms, banks, insurance companies, advisory networks) need to receive this data in a consistent, reliable form.
With over 180,000 ISINs relating to funds, from over 4,000 asset managers in Europe, this is a big challenge.
TURN solves this challenge for the industry.
As TURN solves these, new data templates will be added. Coming down the track will be Solvency 2 (the TPT), Distributor Feedback (DFT) – for Consumer Duty – and Corporate Actions. (ECAT).
For all of these the transparency of TURN is critical, particularly for DFT and ECAT.
By the nature of a blockchain, the data shared is transparent, auditable and resilient.
It is transparent, because asset managers can see who has their data, reassuring them that appropriate disclosures have been made to end customers. If any problems with the data arise, the whole network can see, and also when they are resolved. Asset managers need to resolve if they want to sell their funds. This is unique to TURN.
It is auditable. Data does not disappear into a data warehouse. Previous versions of uploaded files are retained, not overwritten. So firms have a permanent record.
It is resilient, by the nature of blockchains.
Why join TURN?
It is cost effective. TURN offers budget-friendly solutions without compromising quality or security.
It’s free to asset managers until January, 2026.
It helps asset managers running portfolios including funds.
It is quick to market. We offer seamless data integration.
TURN’s vision was set by members.
TURN’s objectives are set by members including the roadmap.
TURN has already signed up the 3 largest B2B platforms in Europe – Allfunds, Mfex by Euroclear and Clearstream.
It has signed up FNZ, Aegon, Transact and Link to name a few.
Joining enables firms to set the roadmap, for TURN is serious about being built by, for and with the industry.
An obvious next step will be the development of standardised templates to capture data from the 50,000 companies in scope of the EU Corporate Sustainability Reporting Standards and sharing these with investors to radically improve the quality of the data used by investors (asset managers, insurance companies, etc). This will involve agreeing data needing to be captured, probably with Exchanges and regulators. TURN is to doing this.
How can I find out more?