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The partnership between Oceanic Consulting Group and DASH Technology Group introduces File Review as a Service (FRaaS) – a purpose-built solution that delivers independent, actionable insights into advice quality and compliance. Designed to support adviser performance, reduce compliance risk, and uplift customer outcomes, FRaaS empowers licensees to strengthen the advice lifecycle with targeted reviews and continuous improvement. By identifying opportunities for adviser training and enhancing client satisfaction, FRaaS drives trust, retention, and sustainable growth.
Following the Royal Commission, the financial services industry remains under scrutiny, and Oceanic Consulting Group (OCG) reveals that documentation, not the advice itself, is now the front line of compliance risk. After reviewing over a million advice files, OCG found that while most advice is sound, poor documentation renders up to 30% of files non-compliant. Missing links between fact finds, goals, and final recommendations create legal exposure and drive costly remediation. OCG’s File Review as a Service (FRaaS) helps firms tackle this challenge by embedding scalable review systems that strengthen documentation quality, support compliance, and reduce long-term risk.
In a rapidly evolving advice landscape, AI tools are transforming how Statements of Advice (SOAs) are generated, but that doesn’t eliminate the need for robust review. In their latest article, Anthony Speight and James Dickson of Oceanic Consulting Group (OCG) warn that while AI can speed up advice creation, advisers remain legally responsible for the accuracy and suitability of that advice. They advocate for quality input, clear client alignment, and independent oversight through OCG’s File Review as a Service (FRaaS), which provides human-led compliance support to ensure AI-generated advice meets both regulatory and ethical standards.
James Dickson, Managing Director of Oceanic Consulting Group (OCG), highlights the importance of peer reviewing Statements of Advice (SOAs) to ensure clarity and compliance.
Speaking at a recent industry conference, James emphasised the need for better workflows and more transparent communication to help clients understand the advice they receive.
Read the full article on Professional Planner.