ING-owned dealer group Tandem Financial Advice has announced that its advisers will soon have access to the Inspector Compliance online management system and associated TrainTrak continuing education program.
Tandem general manager Andrew Doquile said the Inspector Compliance system can be customised to suit Tandem’s specific needs, and enables Tandem and its advisers to meet compliance obligations by integrating legal requirements with internal policies and procedures, thereby ensuring that all activities reflect industry best practice.
Former Australian Securities and Investments Commission senior lawyer James Xenidis developed the solution.
Xenidis said: “The system integrates all reporting obligations, and notifies advisers of all licensee standards — from training requirements, complaints handling, conflicts recording, breach recording, and soft dollar recording.
“It provides a single report, which can then be viewed by licensees, as a means of getting up-to-date information on all their member firms and individual advisers. It can also be viewed by individual planning practices.”
The system currently has around 5,000 users Australia-wide, and is the only software solution available that manages all aspects of compliance and training obligations for financial planning firms.
Xenidis said: “Licensees like it because it means they can manage their compliance obligations, not necessarily because they are worried, but because they can be in control of the process and be responsive. It also provides advisers with a clear understanding of the licensee’s requirements.
“The system guides the licensee and advisers on how to deal with compliance requirements. The licensee can see the status of the company on a daily basis, rather than just looking at compliance every six months. The system will also notify the licensee of any key date requirements and escalate it internally as required.”
According to Doquile, TrainTrak “acts as a repository for all training undertaken by representatives, both internally and externally”, giving the organisation the ability to tailor training plans and get access to on-demand status reports.
He added: “We expect that TrainTrak and Inspector Compliance will reduce costs to both Tandem and its advisers by increasing efficiency in satisfying increasing regulatory demands.”
