Nowhere left to hide on regulatory compliance

Nowhere left to hide on regulatory compliance

30 APR 2021

Standard nine of the Code of Professional Conduct for Financial Advice Services requires FAPs, financial advisers and nominated representatives to keep competence, knowledge, and skill up-to-date. This means you need to have undertaken some form of training to ensure you know all the new obligations that have to be met regarding disclosure, duties obligations, Financial Service Providers Register changes, dispute resolution scheme changes, Privacy Act, Financial Markets Conduct Act, Trusts Act 2019 and the list goes on.

Nowhere left to hide on regulatory compliance

It is important to remember there is nowhere to hide on this. There is no two-year safe haven or transition period for being compliant and meeting the legislation, regulation and code that came into play earlier this year. The transition period only applies to obtaining a full FAP licence and to competence relating to advice provision.

Some large corporates have developed inhouse training to upskill employees to meet this need. For others, Strategi Institute‚Äôs Closing the Gaps  course is designed specifically to enable FAPs, financial advisers and nominated representatives to quickly get to grips with the regulatory changes and prove they have undertaken appropriate training. Closing the Gaps can be completed, online, via Zoom or in a conventional classroom. It is only a half day course, plus reading of the workbook and the Regulatory guide for the financial services industry edition 5. Assessment  is via 30 open book multichoice and scenario-based questions.

Pricing ranges from $250-$350 plus GST depending on the study option selected.

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