With the rise of financial technology in Australia
lawyers need to be aware of the compliance and risk issues
associated with the rise of robo-advice platforms
Financial technology (fintech) is very much
alive and kicking in Australia with robo-advice platforms busy
trying to fill the gap between full service advice offerings and
the provision of generic mass market investment information. Some
of these robo products are striking a chord, not only with
investors tired of being left in the middle but also with
superannuation funds and other financial providers who have
recognised the opportunity robo-advice products present for their
clients.
This article briefly examines the rise of robo-based advice
products in Australia and some of the compliance and risk issues
lawyers need to be aware of when advising their clients keen to
participate in this space. It provides some guidance on advising on
these compliance risks and makes recommendations on assisting
clients
