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Software gives compliance early warning

Financial software company Synaptic Systems has developed an early warning system which alerts networks to IFA compliance breaches before regulatory visits.

The pre-compliance software enables networks to follow their IFAs&#39 tracks as they complete the sales processonline – but only if the IFA consents.

The audit trail is submitted to the network&#39s compliance department where it can be checked so that mistakes can be rectified almost immediately.

Networks can police almost any product in this way. They can, for example, check if premium waiver has been sold alongside a pension. There are 125 different products on the system.

The software enables the network to make cost savings via the electronic transmission of data and deployment of resources to where they are needed. Compliance is one of the industry&#39s biggest costs.

The software, originally devised for reasons-why letters, is being tested through network Berkeley. Other networks have expressed interest.

It is part of Synaptic&#39s EZ Quote service, the free online quotation platform which was launched in April.

Synaptic Systems managing director Selwyn Herring says: “This is not big brother. It is information that the IFA has to provide anyway. The only difference is timing. The costs are borne at network level.”


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