Industry Fund Services (IFS) today announced its partnership with technology company Advice RegTech to pioneer the launch of leading-edge regulatory compliance checking technology.
This human-assisted machine learning AI platform, called SAMI, will allow IFS to enhance its already rigorous risk management and compliance processes.
Instead of a traditional, manual compliance review of only a sample of client financial planning files, an automated pre-assessment of up to 100 per cent of files will now be possible. It will vastly improve the volume of files audited, meaning more financial advice can be reviewed and checked at a faster rate.
While other advice providers are starting to introduce automated review of Statements of Advice (SOAs), IFS will be one of the first licensees to use a machine learning AI platform to conduct reviews of the entire client file, not just the SOA, thereby further reducing the risk of error.
IFS Chief Executive Cath Bowtell said the new partnership will reduce the risk for industry fund members even further.
"At IFS our focus is on delivering the best outcomes for members – that's why we're constantly ensuring our risk management processes are stringent and that we're delivering efficient tools and systems for our clients," Ms Bowtell said.
"We're really excited at this opportunity to continue improving our offering which ultimately helps us provide advice that industry fund members can trust."
The partnership with Advice RegTech brings together two organisations that share a commitment to providing trusted financial advice to consumers and improved efficiencies for practitioners.
Advice RegTech was recognised as Compliance Innovator of the Year 2019 in the FinTech Business Awards. It is a specialist in the financial services sector and designs solutions to improve financial advice compliance and oversight of best interest duty for consumers.
"Advice RegTech is excited to support an organisation that shares a similar vision to improve outcomes for consumers, and to enable greater efficiency so that more Australians can benefit from quality advice," Advice RegTech's CEO Samantha Clarke said.
About Industry Fund Services
For 25 years Industry Fund Services has been partnering with industry super funds to provide specialist financial products, services and advice to support their members.
With last year's Royal Commission shining a spotlight on financial advice, we're proud to have been an original pioneer of commission-free financial advice – a model that was vindicated in the Commission's findings.
With enormous change facing the financial advice industry, including the introduction of the FASEA regime, we're working hard to continue our role in helping members achieve a secure retirement.
