In a statement on the ASX on Friday, Intiger confirmed it began producing SOAs for CBA licensees Commonwealth Financial Planning, Financial Wisdom and Count Limited as part of pilot program in March.
CBA staff have also conducted a physical on-site inspection of Intiger offices in Manila.
Intiger’s statement said the company could “confirm that CBA and Intiger have agreed to a mutually beneficial training and upskilling program to commence imminently”.
Eighteen months of “discussions and due diligence” were conducted prior to the commencement of the pilot programs, the statement said.
“[Intiger] and CBA program management teams are working closely to expand production volumes in line with our capacity and quality controls,” it said.
“Both firms recognise the scale and importance of the opportunity and are expanding production in a structured and disciplined manner.”
Intiger made the announcement about pilot agreements with the three CBA licensees on 2 February.
On March of last year, the software firm had claimed it had entered into a ‘memorandum of understanding’ with NAB Financial Planning.
But a NAB spokesperson informed ifa that there had been “no memorandum of understanding in place”, resulting in a trading halt and a new statement from Intiger clarifying that the agreement was a instead ‘summary of understanding’.
Intiger is chaired by former FPA director and WA committee member Patrick Canion, and was previously chaired by former FPA chief executive Mark Rantall, who stepped down from the FPA in February 2016.
OK nice story. But was there any learning from the Royal Commission? Seems not. Not in this story nor on Intiger’s sites is there any reference to improving compliance, quality of advice or improving the cost / value return for the poor old client.
One could perhaps ( wildly ) say that improving efficiency will lead to lower costs to a client. But we all know from history that any savings will not be passed on. Also one could pull the bow string further and suggest that there would be better advice monitoring – but we know that won’t happen.
This just another example of the industry focussing on itself and not the client.
Ironic that IFA is once again referencing NAB – very salty Indeed
See my article on this website about SOAs – what is the point of requiring clients to pay for a boiler plate document that has been drafted in Manila.
Ironic that CBA are now outsourcing client information to a third party overseas after the recent privacy mishap…
Ha Ha who cares !!! This is the way of the future ….. CBA or NAB. Oh by the way ASIC if you are listening , did the clients agree to having there personal details worked on in a boiler oversees with Philipino’s. Personally I would not .Then again I wonder how they get my personal details to give to the telemarketers . Oh but Facebook data mines , so it must be ok .