TIQK Best Interest Analysis is a powerful tool that enables your team to focus on remediation activity. The tool assesses and highlights the risks, or lack of evidence provided for Best Interests Duty of an audited statement of advice. This will ultimately allow you to save time, prioritise and action changes.
Stage 1 of TIQK's Best Interest Duty function analyses a Statement of Advice for evidence that the adviser has sufficiently acted in the client's best interest. Where the adviser has failed to provide evidence, TIQK identifies a risk of not meeting the best interest duty.
TIQK follows ASIC's guidance (including their safe harbour checklist) and the Corporations Act to make this assessment.
TIQK assesses the quality and appropriateness of advice based on detailed analysis of the individual scenario, such as:
- Goals, needs and objectives
- the scope, scale and subject matter of the advice
- the client's personal circumstances, such as their age and health status
- strategic recommendations provided
- products discussed
- risks and benefits detailed to the client
- the adviser's affiliations
Not all risks we identify are the same, so we have categorised this into High, Medium and Lower Risk.
This categorisation provides more meaningful insights, to the adviser and the risk management team dependent on the licensee's expectations of adviser conduct.
Read more about our risk measures here.