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A recently established fintech company plans to launch a digital advice offering in October, targeted at unlicensed accountants.
Fintech start-up to launch digital advice platform
15 August 2016
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4 minute read
The digital advice platform A.S.A.P. will initially offer advice in relation to whether a client should establish an SMSF or not, according to A.S.A.P chief executive Jim Hennington.
“From there we’ll extend it and mould it around what accountants need in order to keep running an SMSF business compliantly, so things like contributions, and drawing a pension, and those types of transactions, which are classed under financial product advice,” said Mr Hennington.
Mr Hennington, formerly a consulting actuary for products and services development at Accurium, said the technology will be similar to that of actuarial certificate providers.
“The way it works is an accountant who doesn’t have a licence can log onto our system, enter some details from the client and what their scenario is, and the system will produce compliant statements of advice under our AFSL,” he said.
Mr Hennington noted the company is still working through the process of ensuring the platform is compliant with the regulations for advice, and is working with compliance consultants.
The platform, he said, is mainly in response to the end of the accountants' exemption and the low take-up of licences.
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