Decimal commences 'proactive' review of compliance

By tstewart ·
November 17 2016

Decimal commences 'proactive' review of compliance

Automated advice provider Decimal Software has engaged Promontory Australasia to conduct a review of its robo-advice platform.

Promontory will review the relevant features of Decimal's platform, focusing on ASIC Regulatory Guide 255: Providing digital financial product advice to retail clients, which was released in August 2016.

In a statement, Decimal described the review as a "proactive measure".

"The review will help Decimal and its clients understand how the platform supports Australian Financial Services License (AFSL) holders align with the guidance provided in Regulatory Guide 255," said Decimal.

Decimal chief executive Nic Pollock said transparency of compliance has become integral for market confidence in digital advice to grow.

"It doesn't matter how pretty or engaging the customer's digital experience is, if it's not compliant, nothing else matters - it's fundamental," Mr Pollock said.

"Australia's financial services sector is one of the most regulated in the world, however we continue to see compliance related problems.

"For digital advice companies to enter this market, and succeed in their objectives, they must raise the bar by demonstrating rock solid compliance processes 100 per cent of the time."

Decimal manages close to $5 billion in funds under advice and numbers among its clients Mercer, QSuper, Statewide Super and Energy Super.

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