Simplybiz has launched a digital compliance tool to help advisers keep up with requirements.

Members of Simplybiz can now use Navigator, a customised version of the ifaDASH platform, at no extra cost.

The technology allows advisers to manage their compliance responsibilities and business risks with traffic-light coded dashboards.

It helps firms collate the outcomes of file reviews in a central hub and provides the information management needs to comply with consumer duty rules.

The Navigator platform is suitable for investment, pension, mortgage and protection advice firms.

Simplybiz compliance director Paul Bruns says: “Our team spends a huge amount of time speaking – and, more importantly, listening – to advisers.

“Recently, there’s been one thing we’ve been told they would value more than anything else – more effective and efficient ways of managing regulatory obligations.

“Supporting the business growth of our member firms is vitally important to us and it is essential that we help them to grow in a safe and efficient manner.

“Navigator has been developed using Simplybiz’s regulatory knowledge and expertise alongside ifaDASH’s technical expertise to provide an effective compliance solution and aims to keeps firms safe.

“After introducing Navigator to our members at a recent series of events, 200 firms have already requested to be early adopters of the system, indicating a high demand for this type of solution.

“As regulation evolves, the need to harvest appropriate data is becoming more important, particularly to assist with evidencing Consumer Duty outcomes.

“Navigator has been designed to meet the needs of advisers, no matter the size of their business or the activities they undertake and the system will itself evolve in line with the regulator’s requirements. “