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IRESS sees spike in FDS solution take-up

More than 8000 financial advisers have taken up IRESS’s XPLAN-CommPay product in the lead up to the FOFA implementation date to assist with new fee disclosure requirements, the company has announced.

In a statement issued today, the technology provider said it has seen interest from across the financial planning industry spectrum, including “the majority of institutional wealth businesses” as well as boutique and independent AFSLs.

“We are delighted to have risen to meet this challenge with many clients going live with XPLAN-CommPay over the past weeks, ahead of the FOFA effective date of 1 July,” said IRESS executive general manager of wealth management Tizzy Vigilante.

“Wealth businesses like the fact that the FDS can be tailored to suit their specific business requirements while maintaining effective oversight of their obligations.”