Are you compliant?

‘Compliance and best practice’ is a well-worn, but not always universally appreciated, phrase frequently heard in our industry. Many advisers, on hearing the phrase, yawn and mentally switch off, thinking they have heard it all before.

The quickest way to check if you are compliant and following best practice principles is to ask yourself: “Do I always do the right thing (best practice), and do I always do things right (compliance)?”

The FMA (in its Guide to the FMA’s View of Conduct published in February 2017), implies that if advisers are doing what is right and achieving good outcomes for their clients, then there is every chance they are doing things right.

But, in an industry that is constantly changing, how do you know what you don’t know?

While compliance is a necessary cost of doing business, it can also be a way of finding better ways of doing things, improving the quality of advice you give and the service you provide, and empowering your people to be conscious of the value they can bring to your business. Strategi’s holistic approach to compliance and risk management can contribute over time to your profitability and be a route to best practice excellence.

Over the next few months Strategi will provide guidance on a range of subjects, all designed to help ensure you and your business are both ‘doing things right’ and ‘doing the right thing’.

As a starting point, download Strategi’s DIY 30-minute compliance check and quickly review if you are meeting your professional responsibilities as a financial adviser.

Spend time running through this checklist on a regular basis. A DIY compliance overview on a regular basis could save you and your business from operating on the wrong side of the legislation, regulation and the Code, and suffering the consequences.

If you are unsure of the answer to any of the questions, or need help in any of the areas mentioned, give the compliance team at Strategi a call for some advice.