AFM launches OLIVIA online tool
Australian Fund Monitors (AFM) has developed a new online tool which it claims will help simplify the process via which self-directed investors apply for a managed fund.
It claims the tool will also be useful for fund managers and fund administrators - reducing the costs of processing applications, including compliance with new anti-money laundering legislation and FOFA changes.
The tool, the OLIVIA application system, is claimed to make the process of completing a managed fund application both simpler for the investor or their financial advisor, and more efficient for the fund manager or their administrator to process.
AFM said Olivia 123 (Online Investor Verification & Interactive Applications), cuts the time taken to complete a paper based application by up to 70 per cent, and at the same time reduces the errors and omissions which cause delays and add to the expense of processing paper based applications.
AFM chief executive, Chris Gosselin, said “Not only will Olivia 123 cut down the time taken to apply for a managed fund, OLIVIA can save investors’ details to make subsequent applications even faster”.
He said fund managers and fund administrators would also welcome the new application tool as an average 50 per cent of written applications contain errors or omissions, causing delays, requiring phone calls and more administrative time to complete them correctly.
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