Fintel will roll out AI powered file checking to all Simplybiz and threesixty advice firm customers from August.
The service will assess advice files across every case, with human checks included as part of the process where further review is needed.
Fintel said the tool has been developed using compliance expertise from Simplybiz and threesixty, alongside its wider investment in AI across its software, data and compliance businesses.
The group provides compliance support to more than 3,300 directly authorised advice firms and licenses technology to more than 20,000 users.
The AI file checking service is designed to assess advice quality and identify files that may require additional human oversight. Fintel said the file checking capability forms part of a wider suite of compliance technology tools being made available to Simplybiz and threesixty customers over the coming months.
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. This is why we’re giving advisers access to the speed and scale of AI, combined with the judgement, regulatory credibility and contextual understanding of our human experts where required. The two together create a mutually enforcing learning loop, which materially improves the quality of output, benefitting advice firms and, crucially, their clients "
Matt Timmins, CEO of Fintel, added: "AI is part of the fabric and the future of our business. It is the acceleration engine that sits on top of our core proprietary product data sets and our deep knowledge of regulation. This is the start of a game changing journey for us and all our customers will benefit from the tens of millions of pounds 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."
