Fintel to use AI to check client files

Fintel, owner of threesixty and Simplybiz, said that from August all advice firm customers will receive access to AI-powered file checks across every advice case, with human checks built in as standard.

The proprietary AI capability will provide compliance support to 3,300 directly authorised advice firms and licensing technology to over 20,000 users.

Fintel said the AI solution has been “rigorously trained” by threesixty and Simplybiz’s compliance experts to rapidly assess advice quality and identify files that warrant further human attention. 

Alex Whitson, CEO of Fintel Services said: “This is the first in a series of upgrades and enhancements to our core services for advisers.

“We believe that AI file-checking alone is not sufficient for robust suitability assessments and compliance oversight – which is consistent with the direction of travel from the regulator and PI insurers.”

He said giving advisers access to the speed and scale of AI, combined with the judgement, regulatory credibility and contextual understanding of human experts where required, creates “a mutually enforcing learning loop, which materially improves the quality of output, benefitting advice firms and, crucially, their clients “

Fintel’s AI file-checking capability is delivered as part of a suite of next-generation compliance technology tools being made available to all Simplybiz and threesixty customers in the coming months.

Matt Timmins, CEO of Fintel, said: “This is the start of a game changing journey for us and all our customers will benefit from the money we are spending to enhance our technology and compliance solutions. Our aim is to provide everything advisers need, at scale and within our core service model.

“We believe in the power of personal and professional advice, augmented by technology and super charged through AI.”