Adviser Innovation logo
Adviser Innovation logo
Advisor Inovation logo
Iress teams with software group for DDO solution

Iress teams with software group for DDO solution

author image
By Sarah Simpkins ·
April 27 2021

Iress teams with software group for DDO solution

The advice technology provider has teamed with a financial services software group to provide streamlined solutions for the upcoming design and distribution obligations.

Iress teams with software group for DDO solution
nestegg logo

The collaboration will supposedly allow product issuers to publish their target market determinations (TMDs) for products, created through Objective’s Keystone software directly into the blockchain solution – allowing distributors access to updated versions.

Iress has previously marketed its product as an industry-wide, technology-based solution, aiming to coordinate complaints and reporting obligations.

Objective’s Keystone software is already used by a number of financial services organisations for the production of product disclosure statements (PDS) and other compliance documentation.

The DDO legislation will come into effect from 5 October, which will place a host of new restrictions on both issuers and distributors of financial products.

Advertisement
Advertisement

Advice licensees will need to take “reasonable steps” to ensure products are only distributed to the target client segments for which they are intended, according to the ASIC guidance.

Iress chief commercial officer Michael Blomfield commented the new DDO legislation represents a challenge for traditional systems and processes in the advice industry and it requires collaboration.

“We’ve seen strong interest from across the industry in a solution which addresses this challenge of multilateral validation and communication in a way that doesn’t add unnecessary cost or complexity,” Mr Blomfield said.

Objective chief executive Tony Wallis added: “We are excited about the combined expertise of our software with Iress’ technology solution in further driving down cost and increasing efficiency in financial services.”

The FSC and Morningstar also recently launched tools aiming to help advisers adapt to the DDO law.

Want more content on technology and innovation? Register here for the Adviser Innovation Summit 2021.

Join the debate to improve the issues that surround affordability and accessibility within the advice industry at ifa’s brand-new event, ifa Future Forum.

Join your peers to uncover game-changing industry solutions to pave the way for solving the problem of accessibility and affordability. Utilise your extensive knowledge to formulate ideas and help futureproof advice. Register your free place now! ifafutureforum.com.au

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook.
Find us on Twitter for the latest updates

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