A common approach of regulators when visiting a business is to say, “Show me- don’t tell me.” If the regulator was in your business today how would you stack up when it comes to showing them your policies and processes? Find out by answering these five key self-assessment questions:

1. Show me how you are delivering compliant financial advice which meets the duties described in sections 431I-P of the Financial Markets Conduct Act 2013?
2. How do you know your business is compliant right now in the new advice regime? What proof do you have of your compliance and how do you track this each month?
3. Show me where you obtained your competence, knowledge, and skill to understand your obligations in the new advice regime?
4. Demonstrate how you have an effective cyber-security policy and process in place. How do you know it’s effective and show me the outcome of your most recent testing of your business continuity plan?
5. Show me your record keeping process as it relates to providing financial advice. How do you know it meets the FAP transitional or full licence standard condition for record keeping?

If you would struggle to answer any of these questions or need practical advice on how to show the regulator that you are compliant, contact us today. We have the expertise and experience to help you succeed and thrive as a fully compliant FAP.