Company

Interactive Governance Solutions (Ingoso) is a compliance and governance business that specialises in the audit and assessment of Australian Financial Services License (AFSL) holders, sub authorised financial planning practices and individual financial advisers. Ingoso combines a working knowledge of the Corporations Act and Financial Services Reform Act, ASIC Regulatory Guides with general compliance best practice.

There are onerous obligations associated with supplying financial product advice to retail clients by the Authorised Representatives, Directors and Responsible Managers of financial planning business.

Ingoso will conduct a robust assessment of financial services licensees and representatives to identify specific compliance vulnerabilities or weaknesses and other business risk issues and bring those to the attention of the licensee along with recommendations for their management.

Any entity wishing to issue a financial product, deal in a financial service, or provide financial advice in the Australian market must obtain an Australian Financial Services License (AFSL).

Unbelievably, ongoing compliance with the conditions of an AFSL once obtained is often given little human or technological resourcing by AFSL license holders.

Without a license, there is no business!

There is much variation in financial services industry practices to asses compliance standards, with the findings of adviser audits determined differently by every licensee.

In addition to extensive enquiry, Ingoso uses an innovative, web-based diagnostic tool which uses sophisticated technology to benchmark compliance practices against similar firms and produce consistent results. The technology platform enables an AFS licensee to produce efficient electronic compliance audit reports and thereby demonstrate compliance with ASICs supervisory requirements . Along with producing such reports, the system also identifies, assess’s and tracks authorised representative management. The overall objective being to control and remedy any gaps in license supervision and meet both regulatory and internal obligations to demonstrate compliance. This is achieved by logging compliance measures, maintaining reports and housing compulsory registers.

By analysing compliance with regulatory obligations and financials, as well as client base characteristics, business structure, investment products, external profile and internal capabilities of the business, we are able to provide an independent, objective assessment of the risks a financial planning business.