My advice practice is well prepared for a monitoring visit by the Financial Markets Authority.
- Agree (40%)
- Disagree (35%)
- Not sure (25%)
Loading ...The results of our latest poll indicate that a majority of the adviser community does not believe their advice practice is well prepared for a monitoring visit by the Financial Markets Authority.
As we go to press 37% of advisers agree they are prepared, implying that their documentation, file reviews and data could stand up to the regulator’s scrutiny.
However the exact same percentage disagree that they would be ready and just over a quarter (26%) are not sure if they are well prepared or not, meaning that in total more than six in 10 advisers (63%) believe they are either not ready or are unsure if they are.
Our question arose following a useful summary, provided by Partners Life, which outlined the key takeaways from a webinar it hosted for advisers featuring 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 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 could make a significant difference, particularly in areas such as:
- Comprehensive Documentation
- Conflicts of Interest
- File Reviews
- Complaints Register
Our poll is open for another week and we are interested to know your thinking on how ready your practice might be…