Forget compliance. Embracing Regulatory Technology is an investment in the sustainability and relevance of your business. Licensees and advisers alike struggle to reconcile compliance, productivity, liability and expense control. It’s a difficult balancing act, but, in a complex and highly regulated market, doing so well is essential for maintaining a successful and sustainable advice business.
ASIC warned us that "monitoring and regulating is becoming increasingly data driven" before recommending that we use technology to better "manage compliance risks before ASIC arrive." Learn how openAFSL has got you covered.
Without an effective strategy to manage their compliance and regulatory risks, advisers and advice businesses remain vulnerable to litigation, regulatory action and reputation risk. Worse still, they too often ignore the customer experience while struggling to manage complex, and frequently changing requirements. This article discusses how agile regulatory technology can help licensees simplify, and better manage, compliance and regulatory challenges.
OpenAFSL was created to free licensees from the burdens of compliance and it has been remarkably successful in delivering on this promise; but our commitment to continuous improvement, and satisfying our clients’ needs, means that the system is never finished and never stops evolving. Here are some of the October 2015 changes
You may have noticed that we’ve made a number of significant refinements to openAFSL to improve its already impressive speed and usability. We’ve also made a number of technical and coding changes to improve and simplify the user experience. The changes we’ve made are documented on our website (http://www.openafsl.com/news/) but to make things even easier these are the top 5 EOFY enhancements.
What's new in July 2014? As FOFA, FATCA and the TPB dominate compliance conversations we've concentrated on improving the speed and usability of the system. These refinements will assist you to turn compliance into a strategic capability and take full advantage of the system's analytic capabilities.
On the eve of the New Financial Year, some significant changes have been made to improve openAFSL and provide users with even more efficient reporting and cleaner data. Our latest Release (version 3.5.4) includes changes to pre-vetting, on-line questionnaires and system speed. Contact us directly for more information or visit openafsl.com.
In the lead up to Christmas, the Assistant Treasurer, Senator Arthur Sinodinos, announced a number of proposed refinements to the financial services laws.
His proposed refinements were clear, generally well received and explicitly designed to deliver affordable and accessible financial advice (ironically by changing the measures introduced by the previous government to deliver affordable and accessible financial advice).
No legislation or regulation has been published.
No changes are currently required to be made to the openAFSL system.
For an assessment of the proposed refinements please read Assured Support's analysis.