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
As the industry navigates the fallout from recent product failures, two major AFSLs have detailed their APL selection process and relationship with research houses, warning a selection error could “destroy” a licensee.
The impending retirement of financial advisers in their 50s could see the profession face significant succession challenges over the coming decade and younger advisers may not be the answer.
With a third of AFSLs being solo advisers, how can they navigate key person risk and ensure they are still attractive propositions for buyers when it comes to their succession planning?
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
