Quay Software has launched a compliance plug-in, a software application designed with compliance experts to assist heads of compliance whether inhouse or outsourced.
Quay claims that time savings of over 80% are achievable in compliance and training and competence management with this software.
The compliance plug-in provides assistance with:
Co-ordinating the administration of each adviser's affairs from recruitment to departure
Managing product authorisation, demonstrating to the regulator that procedures are in place to identify high-risk business and protecting the business from non-authorised product sales
Producing written KPI analysis for each adviser
The planning of T&C observations, recording of the results and planning of consequent actions such as the implementation of a training programme
Managing registers to meet regulatory requirements in respect of complaints, breaches, advertisements and disciplines
Completing the FSA annual return
Used in tandem with scanning software and Quay's corporate-wide facility, the compliance plug-in will enable the compliance function to be carried out remotely, ideal for larger IFAs with a distributed workforce.
Quay marketing director Roland Rawicz-Sczcerbo: “We are very excited by this product because we know what a resounding impact it's going to have throughout the industry. Compliance is a huge expense and time commitment for all advisers.
“Recent research has shown that many companies spend at least as much time on non-billable compliance management as they do on advising clients. This product will help to redress the balance, freeing up more time for billable activities.”