Smarter Compliance. The US Department of Justice asks three fundamental questions when reviewing corporate compliance programs 1. Is it well designed 2. Is it implemented effectively 3. Does it work in practice. We believe that local Regulators take a similar approach and this underpins our conviction that regulatory technology - like OpenAFSL - is the future of advice. You may have a different view but this article contains arguments that should convince any reasonable Licensee that we’re right.
Smarter Compliance. As 2019 draws to a close, many advisers (and some licensees) are being forced to consider their futures. It’s a daunting task given the costs, consequences and implications of any decision they make. An increasing number of advisers think that self-licensing will provide them with the autonomy, financial security and other benefits they need to properly serve their clients. In this article we’ll try to sublimate our self-interest and provide the relevant information advisers need to decide whether self-licensing is an option for them.
Smarter Compliance. After months of apprehension and uncertainty, almost 600 advisers sat the inaugural FASEA exam and over 90% passed. This result would normally be interpreted as a positive one, but many people have simply seized on the result and dismissed the exam entirely. The high pass rate may be reassuring, disappointing, both or neither but there’s a high chance that it can be misleading. This article explains why most advisers should continue to prepare for a challenging examination of their knowledge and capability.
Smarter Compliance. Rep 515 “Financial advice: Review of how large institutions oversee their advisers” is the gist that keeps on giving. While it’s a gift that many would have returned immediately, there’s little doubt of its influence on the financial services industry - directly and as magnified by the Royal Commission. While it led to extensive changes in the financial advice industry including fragmentation, re-alignment and the increasingly definite separation of advice from product, it has reinforced the significant costs and obligations associated with providing advice. This article avoids prediction in favour of a simple discussion of the latest update and its implication for independent Licensees.
Smarter Compliance. One of the critical failures of the compliance function is its tendency to identify and publish failures rather than promote and encourage better practices. Their reasons are understandable, but focusing on failures does a disservice to those advisers looking for practical ways to exceed minimum standards. In a break with Compliance’s standard operating procedure, this article will focus on five ways that advisers transcend compliance. Based on our review of 3,000 advice files, we’ve identified the consistent and considered practices great advisers adopt.
Smarter compliance. While disclosure and effective governance may assist you to secure Professional Indemnity Insurance, securing adequate cover requires vigilance and careful consideration. We explore the minefield of Professional Indemnity Insurance with the expert guidance of Greg Hansen, Director of Professional Risks at Austbrokers Countrywide. This guide for Licensees may assist you to both understand ASIC’s requirements and your Licensee obligations. It may also help you find better cover.
Smarter Compliance. The conflicts between interests and duties was an issue frequently touched on by the Royal Commission. In fact, observers might suggest that all the misconduct and mismanagement exposed was caused by conflicts of these sort. In this article, an auditor tackles the issue form a practical perspective and explores the best way to handle conflicts of interest and duty.
Smarter Compliance. Assured Support has long argued for the need to collectively develop a capability framework for the compliance staff. Luckily, we are laser focused on this, and have developed a capability framework covering both technical and non-technical skills. This article looks at the reasons why this is necessary and provides a structured path forward.
Smarter Compliance. Professional advisers understand that they’re now required to commit to a programme of Continuing Professional Development (CPD) that is consistent with FASEA’s requirements to “develop, maintain and apply a high level of relevant knowledge and skills”. Standard 10 of the FASEA Code of Ethics articulates expectations reinforced by FASEA’s FPS004 CPD Policy outlining mandatory competency areas. One of those competency areas is “Client Care and Practice”. We’ve been deluged by advisers asking what this means in practice. In addition to offering Licensees a practical perspective this article outlines how an innovative reg-tech compliance platform, OpenAFSL, can optimise their approach.
Smarter compliance. Welcome to the July 2019 update. We have big news. The financial service industry is highly regulated and surprisingly dynamic. Thankfully, the team behind our industry-leading compliance platform ensures openAFSL evolves even quicker. Regulators know that there’s a serious gap between what the law requires and what most Licensees manage to do - openAFSL helps you bridge that gap at a reasonable cost.