Advisers need blockchain-enabled annual consent

More platforms should enable blockchain for annual consent as it is becoming essential for the efficiency of advice practices, according to Centrepoint Alliance.

In October, Colonial First State (CFS) signed on to Iress’ blockchain-based advice fee consent solution, which allowed practices to manage their obligations under the Financial Sector Reform (Hayne Royal Commission Response No.2) Act 2021.

The solution captured fee consent for ongoing service fee agreements through a new workflow within Xplan. The information was then validated and authenticated through blockchain and passed through to CFS.

Speaking to Money Management, Centrepoint Alliance, group executive advice, Paul Cullen, said the platforms seemed to work independently on a fee consent solution.

“Even though from an advice perspective, we were pleading, for them to agree to a common approach, it didn’t really work,” Cullen said.

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Source: Advisers need blockchain-enabled annual consent | Money Management