My advice practice is well prepared for a monitoring visit by the Financial Markets Authority.
- Agree (40%)
- Disagree (35%)
- Not sure (25%)
Loading ...Our latest poll is seeking to investigate just how well prepared your advice business is ahead of a monitoring visit by the Financial Markets Authority. Would your documentation, file reviews and data stand up to the regulator’s scrutiny?
Our question arises following a hugely useful summary, provided by Partners Life, which outlines the key takeaways from a webinar it hosted for advisers earlier this month featuring well-known Auckland adviser, Katrina Church (Insurance People), who shared her insights following an FMA monitoring visit (see: Preparing for a FMA Monitoring Visit – Key Takeaways).
According to the insurer, over 200 financial advisers and industry professionals joined the session to hear firsthand about the regulator’s three-day monitoring visit of Church’s business and a video has now been released with the event converted into a formal course available via the Partners Life Academy.
As well as detailing the types of data requested by the FMA, Church also emphasised that while the timeline was tight, preparation in advance can make a significant difference, particularly in areas such as:
- Comprehensive Documentation
- Conflicts of Interest
- File Reviews
- Complaints Register
Since the visit, Church has implemented new tools, which she outlines, to help streamline compliance readiness and she encouraged advisers to embrace the FMA process as an opportunity to improve business practices.
So, we wondered just how ready your practice might be for such a visit? Would your data adhere to, or even exceed, the regulator’s standards?
We are keen to know your views and will report back on the results next week…