Fund managers, software must adopt common standards to share data: Dunne



|
The software industry and fund management industry need to move towards developing common standards for straight-through processing between software programs and investment platforms to bring more efficiency to financial planners, according to Fiducian’s head of technology, Alan Dunne.
Dunne said there had been some attempts to develop common standards, but they hadn’t had much “traction”.
“This whole industry needs to move towards some standards of data interchange [with platforms],” he said.
“At this stage, it’s limited in a sense that the planning software might take a bit of information and repopulate forms, but then you’ve still got to go online and complete them and send them so they get sent through to the back-end of the platforms,” he said.
The idea of straight-through processing is still way off and there is no common standard agreed upon by all the fund managers, he said.
Even where companies, such as InvestmentLink, have developed electronic application forms, they aren’t taken up by the fund managers and fed through to the back-end of their systems, Dunne said.
The main problem in the financial crisis was getting the industry to commit to common data-sharing standards when there would be no clear benefit for the companies involved, he said.
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.