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UK advice evolution shows way forward for Australia The UK advice market has entered a period of sustained growth, which is likely to be echoed in Australia at an accelerated pace owing to the great synergies between the two countries, according to leader in advice technology, intelliflo. Over the last decade the UK advice landscape has been transformed by major regulatory reforms such as the 2012 Retail Distribution Review (RDR), which re-structured financial commissions and mandated greater educational standards for advisers. This was followed by General Data Protection Regulation (GDPR) in 2018 and MiFID II, which increased the need for data accuracy, and fee transparency for investors. Mr Nick Eatock, CEO and Chairman of intelliflo, said: “Following a period of significant upheaval, which saw adviser numbers fall and larger players exiting advice, the UK advice industry took two to three years to turn around. What has emerged is an industry that is both more efficient and more professional, with an increasing number of Britons seeking advice.”
Intelliflo has launched Open Banking to all customers, enabling them to provide their clients with a holistic view of their entire financial portfolio in one secure place. Read more for the full press release...