There are some rules when it comes to outsourcing. The work can be done by the outsource provider but the legal responsibility still sits with the licensed business. Therefore, it makes sense to engage reputable providers with a history of good service, plus the size and skill set to do the work. The Financial Markets Authority wants a Financial Advice Provider (FAP) to have a robust agreement in place and expects to clearly see what that outsource provider will be doing for you.  

Strategi Compliance has built three compliance outsource models to meet the needs and budgets of FAPs. We call these our  Virtual Compliance Officer solutions. We can also build bespoke solutions to meet specific needs. 

Larger FAPs tend to do most of their day to day compliance work inhouse via dedicated staff then use Strategi to conduct an annual compliance assurance review to check how the business is performing from a compliance perspective. 

Smaller FAPs (1-7 advisers) don’t usually have a dedicated compliance officer so for these businesses, outsourcing their monthly compliance checks to the likes of Strategi makes practical and financial sense. Strategi has the systems and staff to do this work more efficiently than trying to do it inhouse. Prices start from as low as $500 plus GST per month for a single adviser business. 

Contact us to find out more about outsourcing and to discuss your specific needs.