XPLAN use would reduce non-compliance: ANZ

ANZ

ANZ chief risk officer for digital and wealth Australia Kylie Rixon has told the royal commission that incentivising the use of the IRESS XPLAN software sooner would have improved advisers’ compliance with legal obligations.

Counsel assisting Rowena Orr interrogated Ms Rixon yesterday over the bank’s compliance systems, asking if Ms Rixon felt they were adequate to ensure advisers met their obligations.

Ms Rixon told the commission the systems used in the past have had “deficiencies” and that the bank should have commenced its program to have advisers use a centralised version of XPLAN sooner.

“On reflection, ANZ could have commenced the program to move to encourage and incentivise the aligned dealer groups onto XPLAN – onto the centralised version of XPLAN earlier than it did,” Ms Rixon said.

“That would have also enabled the – what’s referred to in my witness statement as the adviser hub, which is the consolidation of all of the information from different systems into one easily accessible database could also have been commenced earlier.”

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