The solution captures fee consent for ongoing service fee agreements through Xplan and is validated through blockchain in a bid to reduce time spent on administration and data entry for advisers.
Super trustees to expect further advice fee oversight by regulators
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ASIC Releases Guidance On Ongoing Fee Arrangements
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“This isn’t the first time that some platforms have contacted clients of advisers – we saw similar instances when fees and commissions were turned off by some platforms well in advance of legislation,” she said.
“No doubt the platforms believe they have good reasons for taking this step, and circumventing the adviser’s relationship with their clients. They may claim that it is a regulatory requirement, or perhaps an action to reduce liability. Another reason may be that they lack the technological ability to obtain consent in a more adviser led or digital way.”
Bernasconi noted the banks’ exit from wealth management and advisers moving away from aligned distribution had changed the way adviser groups selected and used platform providers.