How to become compliant

The first question you should ask when it comes to compliance risk management is “Can I take the risk of monitoring myself?”

Many financial services businesses take a systematic and responsible approach to setting up risk management procedures, yet time and time again we hear of these being ignored by staff, shortcuts being devised, or cost-cutting exercises removing basic safety barriers designed to prevent mistakes occurring. By far the safest way to institute the right behaviours – and maintain them – is by conducting independent reviews of your compliance infrastructure.

Strategi offers RFAs, AFAs, QFEs and adviser businesses a variety of services to assess and improve their current compliance status.

Choose from our compliance services

Choose from any of our financial services compliance options as appropriate. For example, we can:

  • Provide a disclosure statement review for RFAs or AFAs.

  • Perform a comprehensive ABS review for AFAs.

  • Review your business web site to ensure it is compliant. Contact us to find out more.

  • If applicable, undertake an AML/CFT audit and supply our AML/CFT manual.

  • Review client-facing documents such as Scope of Service, Terms of Engagement, Contract of Engagement (this term is sometimes used interchangeably with Terms of Engagement or Scope of Service) and Client Fact Find (also known as Client Data Collection Booklet). Contact us to discuss your requirements. We can also supply appropriate templates if required.

  • Provide appropriate compliance training for you and your staff, including our Closing the Gaps course which covers the changes in regulatory requirements for advisers.

  • Provide Strategi Navigator ongoing compliance monitoring for advisers and advisory firms either transitioning to the new regulatory regime or exiting the industry.

  • Provide a virtual compliance officer, providing proactive risk management for those advisory businesses without an in-house compliance officer.

See our compliance services for additional possibilities, and have a look at our quick guide to choosing the right compliance pathway.

Conduct a compliance review

Strategi can conduct a Navigator compliance review of advisers and adviser businesses. This can be used to identify the key areas of financial services compliance risk relating to an adviser’s systems and processes against the legislation, regulations and Code of Professional Conduct.

We encourage all adviser businesses to undertake this initial review to establish a solid and well documented compliance history.

Strategi also offers dedicated compliance assistance for QFEs, networks and product providers.

What happens next?

To ensure ongoing compliance for you and your business, we recommend subscribing to Strategi Navigator, our monthly compliance service.

Not sure what you need?

We will help you work out which options are most suitable for you and your business. Contact us to discuss your situation.