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.
"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."
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
