Adviser Innovation logo
Advisor Inovation logo
Iress flags solution to 'multi-dimensional' DDO rules

Iress flags solution to 'multi-dimensional' DDO rules

author image
By Reporter ·
March 02 2021

Iress flags solution to 'multi-dimensional' DDO rules

The listed advice software group has said it is working on an industry-wide solution to forthcoming design and distribution rules.

In a statement released on Monday, Iress said the impact of the DDO rules on advice businesses was wide-ranging and demanded a collaborative approach.

“The impact of this legislation is broad and multi-dimensional and there is currently no industry-wide solution for the distribution, storage, and management of target market determinations or a mechanism to coordinate complaints and reporting obligations,” Iress chief commercial officer Michael Blomfield said.

“We believe an industry-wide technology-based solution is required to materially reduce the complexity and cost of building and managing DDO obligations for the industry. The breadth and interconnectedness of this regulation requires almost every part of the industry to find a cost-effective and scalable way to forge connections in what is a relatively short space of time.”

Mr Blomfield said the group was “well advanced” in delivering a solution to facilitate easier compliance with the obligations, which were due to come into force in October

The news comes following Iress’ earlier efforts in 2020 to gain an industry consensus on managing fee consent requirements ahead of the passage of royal commission legislation.

“During 2020 we successfully brought together multiple stakeholders to define an industry advice fee consent solution,” Mr Blomfield said. 


“DDO is the natural next application of this solution, to allow for the distribution, storage and management of TMDs and complaints.”

Unable to extract YouTube ID from URL
Forward this article to a friend. Follow us on Linkedin. Join us on Facebook.
Find us on Twitter for the latest updates
author image

About the author


Subscribe to our Newsletter

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

latest articles