FYG adopts Iress compliance software
Privately-owned adviser network FYG has adopted Iress’ data analytics software Lumen to improve compliance monitoring.
The implementation of Lumen, which was integrated with Xplan, would support its advisers by scanning for risks such as non-compliance with ongoing service and fee disclosure statement (FDS) obligations.
The software would reduce the reliance on internal resources for conducting reactive audits which would free them up to focus on providing coaching and support to FYG’s financial advisers.
Andrew Wootton, FYG’s general manager, said: "Iress has enabled FYG to move towards an automated risk-based compliance model, allowing us to monitor all advice activity for key risks and using this as quantitative inputs to the file review and adviser audit process. As a result, we can more efficiently ensure advisers’ service obligations are met, fees are appropriately charged and a myriad of other Best Interest Duty risks are mitigated.
“Perhaps the most pleasing aspect of implementing Lumen has been how we were able to make use of valuable data from day one. We see significant opportunities to broaden the use of Lumen out to include business intelligence, revenue and client insights.”
Stuart Frith, Iress’ sales and delivery director for Lumen, said: “We’re delighted to work with innovative firms such as FYG which are keen to take a data-driven and proactive approach to risk management. Lumen’s powerful data analytics capabilities make it easy for licensees to meet ever-evolving obligations, resulting in a more responsible and robust financial advice system.”
AUTHOR
Chris Dastoor
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
