IRESS acquires digital advice compliance business

IRESS will acquire a regtech and data analytics provider after making a minority investment in the business last year.

Lucsan provides financial advisers with comprehensive compliance coverage including daily oversight, targeted adviser auditing, best interest metrics and automated statement of advice vetting. It also has a comprehensive climate risk analytics platform.

IRESS described the purchase price for the acquisition as "not material," and that the transaction was subject to the usual conditions "for a transaction of this type."

"Lucsan has a solid product proposition and is experiencing quality demand from the industry," IRESS chief executive Andrew Walsh said.

"At this stage of Lucsan's development, there is a significant opportunity for its clients to be benefit from the breadth of our combined capabilities," Walsh said.

IRESS recently saw $7 billion industry super fund Statewide Super migrate onto its Acurity platform. The partnership means more than 90% of member transactions at Statewide Super are now automated and paperless.

The fund will use manual intervention only for regulatory requirements and special circumstances.

Statewide previously used software from multiple providers to manage its member transactions but now it will shift to IRESS's unified platform.

The move lets the company pay for software on a managed services basis, instead of making an upfront investment into it.

It also frees Statewide of the responsibility to maintain and update the platform.

"Having access to the latest version of Acurity at all times will underpin the fund's goal towards becoming a 100% digitally enabled business," IRESS superannuation general manager Jeff Hall said.

"In this case digital technology is an enabler and can innovate the modern super fund environment, whilst still providing exceptional face-to-face customer service."

Read more: IRESSLucsanStatewide SuperAcurityAndrew WalshJeff HallStatewide of
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