“QuoteMonster will be making changes to its service as a response to the new licensing environment. With transitional licensing just around the corner these changes will start to be implemented from now," Quality Product Research chief executive Alan Rafe says.
"Essentially, we will be tightening up who has access to their pricing and research engine and ensuring there is a clear record of access. With the increase in responsibility placed on Financial Advice Providers they will need to ensure it is clear who is providing the advice (financial entity) and who has access to the account from a privacy perspective."
Key changes to ensure only advisers use the system include:
"Changes to regulation in the industry require us to do our part to support advisers during the advice process," Rafe says.
"More responsibility will be placed on the Financial Advice Provider to ensure that the advice process is followed, and these changes will assist them in this process."
"We think the use of independent research will be an important tool for advisers when providing advice. Most of our users will not see any change in the access they have and will only need to register their devices. Others will need to update their FSP details or login details to ensure that the disclosures in their quotes and research reports clearly identify them."
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