Dealer group adopts Iress compliance solutions

FYG’s implementation of Lumen, integrated with Xplan, is expected to support its advisers by proactively scanning for key risks such as non-compliance with ongoing service and FDS obligations. The implementation will “significantly reduce” internal resources for conducting reactive audits and free up time to focus on providing coaching and support for FYG’s financial advisers.

"Iress has enabled FYG to move towards an automated risk-based compliance model, allowing us to monitor all advice activity for key risks and using this as quantitative inputs to the file review and adviser audit process,” said FYG general manager Andrew Wootton.

“As a result, we can more efficiently ensure advisers’ service obligations are met, fees are appropriately charged and a myriad of other best interest duty risks are mitigated. Perhaps the most pleasing aspect of implementing Lumen has been how we were able to make use of valuable data from day one.”

Stuart Frith, Iress sales and delivery director for Lumen, said, “We’re delighted to work with innovative firms such as FYG which are keen to take a data-driven and proactive approach to risk management.

“Lumen’s powerful data analytics capabilities make it easy for licensees to meet ever-evolving obligations, resulting in a more responsible and robust financial advice system.”