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Iress working with banks on return to advice

Iress working with banks on return to advice

Financial technology provider Iress has confirmed it is working with a number of banks looking to return to the advice sector.

The Australian company has said it is working with companies it has a “strong partnership” with to help them provide solutions to mass market and mass affluent consumers.

Simon Badley, managing director of Iress UK, said a lot would depend on the “regulatory environment”.

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He said: “We are in conversations with banks and building societies and leveraging relationships in the lending space.

“As we have such a strong partnership with those organisation we are talking about the technology solutions they need to support their business strategies around mass market and mass affluent consumers.

“At the moment we have got mass market and mass affluent consumers who cannot get access to advice so how do we service those consumers? The banks are taking that (question) seriously.”

He added Iress is having conversations with banks that “have not come to a conclusion”.

Last week Iress UK announced it had contributed £61.9m to the company’s group revenue of £180.8m – representing 34 per cent of group revenue.

Iress Limited also announced statutory net profit for the 12 months to 31 December 2015 of £27.7m, up 9 per cent over the previous year.

In September the company announced it had bought two software providers - Proquote and Pulse Systems - in deals aimed boosting at its presence in the UK.

Mr Badley said: “The UK is a fundamental part of the Iress growth strategy.

“We can support businesses of all shapes and sizes. The problems they are trying to grapple with are the same.”