Less Than Half of Advisor Business Ready For an Audit

There’s mixed results to our latest poll that asks advice business owners if they are prepared for an FMA audit.

Of those who have so far taken part, just 42% indicate they are in good shape to manage the demands of the regulator knocking on their door.

Of the remainder, 35% say they are ‘probably’ okay to satisfy the FMA if it carried out an audit, 15% indicate they are ‘definitely not’ in a position to handle it, and 8% ticked ‘maybe’.

Our poll follows the publication of a podcast by Steven Burgess, CEO Compliance Refinery.

He says plenty of firms significantly under-estimate the amount of work that’s involved in an FMA audit, and that it can take up to 20 hours of document gathering just to complete a response to an initial inquiry.

There’s still time to take part in the poll as it closes on 28 September.

See our report: How to Handle an FMA Audit

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