The Australian Prudential Regulation Authority (APRA)’s CPS 230 represents one of the most significant regulatory developments in recent years for banks, insurers, and superannuation funds, according to Complii. The standard mandates a more robust, board-level oversight of operational risk and imposes stringent new requirements for managing critical operations and outsourcing relationships.

Complii CEO Alison Sarich stressed that at the heart of the standard is board accountability. Directors must now approve Business Continuity Plans (BCPs), define tolerance levels for disruptions, and actively oversee service provider policies and testing outcomes. Importantly, APRA must be notified within 72 hours of any operational incident likely to have a material financial or operational impact.

Even for the advice industry, particularly in risk insurance, these changes are substantial. “Risk insurance advice often involves interaction with insurer platforms, quoting tools and highly sensitive client data from medical histories to income details. The advisers in this sector must align with the operational rigor CPS 230 demands, even if not formally bound by it,” said Sarich.

Sarich noted the role of technology and digitisation in tackling these emerging compliance demands.“Risk management ensures operational workflow risks are identified and effectively mitigated through digitally secured processes,” she said. “It allows firms to create, track and automate risk-aware workflows throughout the advisory process, empowering Australian Financial Services Licensees (AFSLs) to scale and operate with greater control.”

Complii is encouraging all APRA-regulated entities to take immediate action and ensure they are not only meeting minimum compliance thresholds but are also leveraging this moment to embed long-term operational resilience.

Complii outlined the following priority actions:

1. Review operational risk frameworks: conduct a full audit of existing risk management and business continuity systems to assess their alignment with CPS 230.
2. Identify and close gaps: Pinpoint weaknesses in current plans, especially those related to critical operations and third-party services and act swiftly to rectify them.
3. Strengthen vendor oversight: evaluate all outsourced arrangements to ensure third-party providers are meeting the required standards, with updated contracts where necessary.

“Complii can assist APRA-regulated entities manage the impact of CPS 230 and identify any gaps in a firm’s current policies and processes. With the deadline fast approaching, we stress that compliance is not merely a checkbox exercise but a strategic opportunity to modernise and de-risk operations in an increasingly complex regulatory environment,” said Sarich.

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Registry Direct, a share and unit registry software and services provider for companies, fund managers, and their advisors, was integrated into Complii in 2022. The business unit will be acquired by Steuart Roe, the Founder and CEO of Registry Direct, through a Management Buy-Out.

As part of the agreement, Complii will divest all of Registry Direct’s assets, including the brand, intellectual property, software platform, key personnel, and client list. The transaction proceeds will be used by Complii for working capital purposes.

Craig Mason, Executive Chairman of Complii FinTech Solutions, commented “This divestment will allow Complii to focus on its core market and services, with a limited impact on our revenue, profit, and cross-selling opportunities.”

Despite the divestment, Complii and Registry Direct will maintain a long-term relationship. Registry Direct will continue to have access to the Complii platform, including the Adviser Bid/Corporate Highway product, enabling their clients to place capital raising offers. Additionally, Registry Direct will have access to the PrimaryMarkets Platform.

Mr. Mason added “This transaction will enable Complii to reshape its unique suite of solutions and refocus on our core customer offering through reinvestment in products, customer acquisition, and cross-selling to our core base.

“This is a positive step for Complii, allowing us to be more focused and effective. It will help reshape our ecosystem, further consolidating our position as the ‘backbone’ of Australian equity capital markets.”

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Denis Orrock

Complii Fintech Solutions Ltd (ASX:CF1), provider of Australia’s first fully integrated capital markets platform for financial advisers and brokers, has announced a strategic partnership with leading investment platform Praemium Ltd (ASX:PPS) to collaborate on offers and cross-selling, opening up new opportunities for both companies.

Praemium caters to sophisticated advisers, private wealth managers and stockbrokers and offers cutting-edge functionality and solutions that streamline the advice process to deliver efficiencies and enhance client experience.

Praemium is a current shareholder in Complii, holding almost 12 million shares, representing c. 2% of Complii’s total ordinary shares.

The partnership will result in a more cohesive technology and product integration, facilitating the smooth flow of information between respective platforms, increasing process efficiency, and enabling seamless client interactions across their respective client bases.

Complii and Praemium will also actively engage in cross referrals, encouraging clients to explore the comprehensive services offered by both businesses, thereby expanding business opportunities and strengthening their strategic positioning in the marketplace.

Craig Mason, Executive Chairman of Complii Fintech Solutions, noted “I am delighted with this partnership with Praemium which will cement our long-standing relationship. With closer platform integration and active referrals this collaboration will see the Complii Group acquire new customers cost effectively, significantly expanding our reach. Importantly, our existing customers will have access to an expanded suite of products and services, further enhancing their experience.”

Denis Orrock, Chief Strategy Officer at Praemium, added “We are looking forward to collaborating further with Complii. We believe this partnership will not only enhance our combined service offering to the financial services market but will strengthen client relationships and create a positive impact to the industry through greater integration and cooperation between the two companies.

“We are excited with the increased go-to-market opportunity this brings,” Orrock said.

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