Spiers signs with ASX
FormerING Financial Planning chief executive Mark Spiers has announced his re-emergence in the industry by taking on the role of Australian Stock Exchange (ASX) FundConnect project director.
According to the ASX, FundConnect is an industry wide infrastructure project designed to improve back-office transaction processing and communications between players in the managed funds industry.
The project is one of a number which is seeking to have a product ready to meet the requirements of the MfundEC standards, as set out by an Investment and Financial Services Association (IFSA) working group.
Spiers says his new role with the ASX departs from the normal career path for those who have worked in funds management and financial planning.
“I have veered away from the traditional path and am moving into a new space but this is where the market is set to change and as a result, I want to be at the forefront,” Spiers says.
Spiers is highly critical of the inefficiencies within the back-office systems of managed funds and as project director, will work with industry players and associations to develop and refine the service and build customer support.
He says there is a space for a service provider to create a better system for the industry and the ASX was a contender, as it had the resources, capabilities and neutrality to roll out a system in the short-term future.
ASX chief executive Richard Humphrey says the addition of Spiers will add depth of experience in funds management and distribution to the project, and is consistent with the ASX’s philosophy of working with the industry to develop the project.
AUTHOR
Jason Spits
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
