Praemium ready for financial adviser laws

Praemium ready for financial adviser laws

Financial software and services company Praemium (ASX:PPS) believes it will be ready and willing to meet Australia's and the UK's new regulatory frameworks for investment advisers.

In a letter to shareholders, chairman Don Stammer said the company has a range of services in place in both countries that are “ideally positioned” to meet the new requirements, adding that “the changes will create significant growth opportunities for us.”

Both Australia and the UK are planning to introduce measures banning commissions paid to investment advisors by fund managers in favour of a fee-for-service remuneration, and formalizing a requirement for advisers to put clients' interests first.

The company recorded a $5.72 million loss for FY10. Praemium has previously revealedit hopes to become cash-flow positive by 2H11.

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Tags regulationFinancial ServicesPraemiumGuidanceASX:PPS

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