Read and select which of the following descriptions is NOT TRUE

a.

Lily is operating a website named Your Investor Mate to provide information about various financial products. There is no recommendations or opinions in relation to the products on the website. Lily is confident that no licence is required for her website.

b.

Matt just graduated from Monash with double majors in computer science and banking/finance. He recently introduced a new app called SmartInv to recommend clients invest in a limited number of model portfolios. The portfolios have been created based on factors such as asset class, the allocation of growth assets, the rates of risk and return and the investment horizon. Matt used big data and algorithms to provide qualitative commentary on various stocks within the portfolios; however, he decided to keep this system simple and not to ask clients specific questions about their personal financial situation, objectives, etc. In doing so, Matt believe that no license is required for his business.

c.

Ninjia is a start-up fintech company that provides digital advice. Its business model is as follows: its system identifies a range of investment target; it then determines the clients investment profile by asking the client specific questions about their financial situation and goals. Ninjias algorithm automatically recommends to the client an investment strategy based on their personal profile, and a Statement of Advice (SOA) is generated and provided. Ninjias CEO, Shohei Ohtani is of the view that, while this business model is promising, they will be subject to not only the licensing requirement but also other obligations such as the best interests duty and related obligations under the Corporations Act (Cth).

d.

Australias Corporations Act has taken the so-called technology neutral approach towards robo (digital) advice.