Running a FAP means managing a growing list of compliance obligations — regulatory returns, policy updates, CPD tracking, AML/CFT programme management, and responding to an evolving regulatory environment. For many smaller firms, the question is not whether they need compliance support, but how much they can realistically handle internally.
The compliance load is growing
Over the past three years, the regulatory environment has added IPP 3A privacy obligations, updated Code expectations, the AML/CFT Single Supervisor Transition, and a steady stream of FMA guidance that needs to be reviewed and actioned. For a five-adviser FAP, this can absorb 15 to 20 hours a month — time that could be spent with clients.
What external compliance support typically covers
A virtual compliance officer role typically involves: regulatory return preparation, policy review and maintenance, CPD planning and monitoring, AML/CFT programme oversight, regulatory correspondence, and ongoing guidance interpretation.
What stays in-house
Client-facing decisions, strategic direction, and business-specific judgement calls remain in-house. External compliance support handles the framework; the business retains the decision-making.
What to look for
When choosing external compliance support, consider: sector experience, responsiveness, ability to scale, and understanding of your business model.
Strategi’s Virtual Compliance Officer service is built around this kind of ongoing support — handling the compliance framework so your team can focus on advising clients. If your business is feeling the weight of compliance obligations, it may be worth exploring whether external support would make a practical difference.
Learn about our Virtual Compliance Officer service →
Want to understand what this would look like for your FAP? Start a conversation.