In January 2020, the financial advice industry enters a new phase in its life cycle with FASEA taking effect, and with that comes a new monitoring regime
This will in principle, require an industry-supported body to take on some of the monitoring and supervision that can’t be supported through government agencies.
Licences are considering how they can meet the new FASEA Code of Conduct principles and, just as important, prove that they are.
It’s a looming cost that is presenting significant headaches for the licensees and their practice heads.
More and more, licensees are looking for technology to augment the traditional people-based process to monitoring and auditing advice.
Technology advancements in expert rule systems, natural language and machine learning means the monitoring of advice can happen in real time, prior to advice being implemented.
This allows businesses to do three things;
- Have a higher level of scrutiny over every piece of advice issued to a client
- Collate data that identifies trends, hotspots and issues quickly
- Demonstrate a robustness in monitoring that supports adherence to the new Code of Conduct.
To achieve this, licensees will need to change their processes to include technology alongside their people-based audit
To find out how technology can support your monitoring and quality assurance programs contact us and see how other licensees are utilising TIQK.