Iress today announced that the next phase of its industry-wide Design and Distribution Obligations (DDO) solution will go live in September. This will integrate the DDO solution with Iress’ Xplan software to provide financial advisers and licensees with direct access to Target Market Determinations (TMDs) during the advice process.
The Xplan integration builds on Iress’ industry-wide DDO solution which enables product issuers to publish TMDs to the blockchain for product distributors to access, as well as manage reporting, complaints and significant dealings.
Iress’ chief commercial officer, Michael Blomfield, said: “The Iress DDO solution solves the regulatory challenge of the industry through a simple, trusted technology solution that increases data flow and productivity across the entire financial ecosystem.
“With the deadline fast approaching, Iress has seen strong demand for our DDO solution from across the industry, with more than 50 product issuers signing up to use our solution so far.
“Today’s announcement means that the TMDs of product issuers on the Iress solution will be seamlessly connected into the advice process of the thousands of financial advisers and licensees using Xplan. For product issuers, this increased connectivity will mean they can be more accessible to advisers and licensees and easier to interact with. At the same time, it will improve advisers’ efficiency and reduce risk for licensees that the DDO legislation may not be complied with.
“As we approach the commencement of the DDO legislation on 5 October, the connectivity, security and efficiency that Iress’ solution provides will enable each player in the financial services industry to meet their compliance obligations in a cost effective way and move forward confidently with the important work of serving their customers.”
Some of the organisations that have signed up to Iress’ DDO solution so far include fund managers such as Aberdeen Standard Investments, Fidelity International, GSFM, Pengana Capital Group, Schroders and Yarra Capital Management.
Anyone wanting more information on Iress’ DDO solution can visit www.iress.com/ddo .