Consumers and Hero Interactions

Fundamental to fair treatment in the world of Advice is the concept that financial products and services should perform in the way that consumers expect or are led to believe or the perception that they are left with.

Our research has highlighted that the current software framework is not sufficient to deliver fair treatment to consumers without compromises to the overall strategy designed by the Adviser.

The most significant problems relate to shortcomings in disclosure and financial advice monitoring and management which means some consumers are sold financial products that are not suited to their needs and circumstances and are unaware of that fact.

Although the regime should not be expected to prevent all consumer losses, self-regulatory and regulatory changes are needed to strengthen financial firms’ accountability.

In building the Hero Platform we took heed from the Financial System Inquiry whereby they aim to;

• Improve the design and distribution of financial products through strengthening product issuer and distributor accountability, and through implementing a new temporary product intervention power for the Australian Securities and Investments Commission (ASIC).

To enhance this within Hero we developed a stronger more robust compliance model and risk profiling model that tracks and confirms the relevance of the advice given to a client.

• Further align the interests of firms and consumers, and improve standards of financial advice, by lifting competency and increasing transparency regarding financial advice.

We created the first Dual Platform access portal that allows both Adviser and Client to interact jointly or independently of each other whilst increasing transparency.

• Empower consumers by encouraging industry to harness technology and develop more innovative and useful forms of disclosure.

Our complete range of Consumer focus modules and Apps allow for greater input and involvement of the consumer without the risk to the overall advice; the consumer can control budget spending to share trading under the watchful guidance of the adviser.

These enhancements seek to strengthen the current framework to promote consumer trust in the financial system and fair treatment of consumers.