Compliance Refinery is launching an adviser locum kit to help smooth the process of engaging a qualified professional to take over the reins of a business if the need arises.
“Ensuring ongoing client care and access to quality financial advice when its required is an objective of not only the regulators, but every adviser in the market today,” says Melanie Purdey, leader of the firm’s Director Support Programme.
She says many FAP Class 1 and 2 licence holders are being encouraged to make locum arrangements for client care in their business continuity plan, to cover them in the event an adviser should be unable to work for a short period of time.
Purdey says that to date, there have been no easily available tools for formalising an agreement with another adviser, which is what prompted the team at Compliance Refinery to create a template, guidance notes, and video package, to help FAP businesses and their proposed locum partners.
The firm says its locum template could help reduce legal costs, but recommends all users seek a legal professional review their final version of the locum agreement.
“This should considerably reduce the cost of drawing up a binding agreement from scratch,” says Purdey.
“If an adviser is considering putting a locum arrangement in place, then our locum agreement package will help them do this with a trusted adviser of their choice.”
Purdey says the firm’s locum contract is in line with the legislation and the FSC’s Locum Financial Advice Arrangements Guide published last year.
The package from Compliance Refinery can be bought jointly by two Class 1 licence holders for $899 plus GST. The package release date is 3 February.