Decimal to review digital advice compliance

Decimal Software has appointed global regulatory compliance firm, Promontory Australasia, to review its enterprise digital advice platform by focusing exclusively on the corporate regulator's Regulatory Guide 255 (RG255).

Decimal said the review would help the firm and its clients understand how the platform supported Australian financial services license (AFSL) holders align with the guidance provided in RG 255.

Decimal chief executive, Nic Pollock, said transparency of compliance was now integral for market confidence in digital advice to grow.

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"It doesn't matter how pretty or engaging the customer's digital experience is, if it's not compliant, nothing else matters, it's fundamental," Pollock said.

"Australia's financial services sector is one of the most regulated in the world, however we continue to see compliance related problems. For digital advice companies to enter this market, and succeed in their objectives, they must raise the bar by demonstrating rock solid compliance processes 100 per cent of the time.

"We believe that incorporating its findings into our operations will improve our service and assist our clients in addressing compliance matters."

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