New FinTech platform Ontoma set to foster cooperation between regulators, compliance professionals and financial advice licencees
Award-winning software company Dexterous Pro partners with leading financial experts Lifewealth Group to launch the robust financial services platform Ontoma, to provide a FinTech solution for Australia’s financial advice licensees and their Future of Financial Advice obligations (FoFA).
Ontoma is the first software response to relieve the compliance burden following the Royal Commission recommendations that indicate financial services licensees need to work harder to demonstrate value for their customers and deliver greater transparency.
The streamlined solution will allow advice practices, from self-licensed firms to institutionally aligned businesses, to manage FoFA compliance requirements at a glance like never before. Lifewealth Group CEO Jason Harwood calls this a natural response to the Royal Commission and will help establish best practice frameworks for delivering regulatory outcomes whilst also enhancing the client experience.
“Ontoma is a market first solution for the financial services industry to manage compliance obligations, while providing peace of mind to the increasing number of Australians who engage with financial advisors every day,” says Harwood.
Dexterous Pro co-founder Robert Nisi explains that Ontoma will ultimately reduce the time consuming burden of compliance administration by automating advice practice processes.
“We have incorporated automated workflows to help meet compliance requirements, minimise human error whilst driving efficiency and establishing best practice frameworks,” adds Nisi.
Ontoma is 100% Australian-owned and developed, with all data being stored on Australian servers. The Dexterous Pro infrastructure currently handles transactions approaching an annualised $1 billion.
“This platform will help financial firms overcome the challenge of maintaining wholly transparent practice-wide compliance as resourcing costs increase and revenue margins tighten. It really is an opportunity for the larger financial institutions to reset the industry in a positive way,” adds Harwood.
Lifewealth Group was most recently featured in the 2018 Parliamentary Review for best practice and Dexterous Pro has won numerous awards including the Westpac Business of Tomorrow award, the Momentum Energy/3AW Small Business award and was selected by the Victorian Government to represent Victoria at CommunicAsia.