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Advice platform moves on cease and desist letter demands

A goals-based advice platform has acted on a cease and desist letter issued by a fintech provider.

Astute Wealth Advice, creators of engagement platform AstuteWheel, confirmed that it has reached an agreement with Lumiant in regard to a financial health questionnaire.

Earlier this month Astute Wealth issued a cease and desist, alleging Lumiant’s “Lumiant Confidence Questionnaire” uses “substantially the same words as almost all of the text in AstuteWheel’s 5-minute ‘Health Check’”, which launched in 2011.

Astute Wealth also alleged that the rating questions and scores in Lumiant’s questionnaire are “very similar” to their health check survey.

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The company originally said it intended to commence proceedings against Lumiant unless “certain terms” were met this week.

“In response to the concerns raised in our letter, I am pleased that Lumiant has complied and has removed all offending material from its platform and has agreed to disable all third-party access to the Questionnaire, delete all electronic records of it, inform all clients of the breach and desist from reproducing AstuteWheel’s 5-Minute Financial Health Check,” Astute Wealth managing director, Hans Egger, said in a statement released on Thursday.

“Lumiant has fully co-operated with us, and we now consider the matter closed.”

Advice platform moves on cease and desist letter demands
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