Saxo Capital Markets Australia, the subsidiary of Copenhagen-based Saxo Bank, has called on all financial services firms managing client money to boost transparency, in line with an initiative to deliver a quarterly review of activities to all customers.

The review by the online trading and investment specialist will provide a check between clients' trading accounts and the segregated trust bank accounts to ensure that they are reconciled and matched. The move is a stricter adaptation of the ASIC Class Order (CO 02/294) from 2008 for businesses offering investor directed portfolio services. 

"This initiative will allow clients to invest with an additional level of comfort, knowing their funds can be reconciled to its financial statements and not being used for hedging or commercial operation purposes," said the firm in a statement. 

Saxo Capital Markets holds an Australian Financial Services License and is regulated by the Australian Securities and Investments Commission.