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Compliance

Compliance iFactFind's digital platform has revolutionised compliance in financial planning, merging rigorous data management with robust client consent processes. By transforming the traditional paper-based fact-finding approach into a streamlined, digital system, iFactFind ensures that all data interactions are meticulously audited and recorded. This includes detailing who edited information, the nature of the changes, and the timing of these modifications.

From two critical perspectives—advisers and clients—iFactFind addresses compliance:

  1. For Advisers: Under the stringent Code of Ethics, financial advisers are obligated to gather comprehensive client data, including information on immediate family members. This extends beyond merely collecting data to anticipating potential issues that could impact clients. iFactFind equips advisers to meet these requirements effectively, providing options for clients to withhold specific answers, thus respecting privacy while ensuring thorough data collection.

  2. For Clients: The platform places a strong emphasis on the origin of information. Clients are responsible for clarifying the details they provide, which enhances both the accuracy and relevance of the data collected.

Additionally, iFactFind enhances compliance through robust consent management protocols for:

Privacy and Financial Services Guides: Privacy and Financial Services Guides: Clients give explicit electronic consent, affirming their agreement with these documents.

Information Disclosure: Clients are informed that their data may be shared with overseas third parties, ensuring transparency.

Electronic Communications: Clients indicate their preferred methods for receiving documents, streamlining communication.

Sensitive Information: This includes secure storage of the Tax File Number, Director's ID, HIN/SRN, and Centrelink Reference Number, ensuring compliance with legal and ethical standards.

All client consents and data activities are logged in a comprehensive audit trail. This not only prevents disputes over data origins but also supports a transparent and accountable system. iFactFind's commitment to upholding high standards of security, privacy, and compliance ensures that financial advisers and their clients can operate with utmost confidence and integrity.