Compliance for financial advisers is not only becoming expensive, it is time consuming. But it cannot be avoided.
What the FMA requires
The Financial Markets Authority (FMA) requires Financial Advice Providers (FAPs) to have robust systems in place for managing their professional development and compliance. This includes having a professional development plan in place for each adviser, recording their professional development activities and outcomes, and maintaining accurate records of their compliance.
Technology is making this easier
The good news is that technology is making management of CPD much easier, cutting the cost of compliance and improving efficiencies.
New technology enables FAPs to create tailored professional development plans, record professional development activities and outcomes, document and monitor CPD, as well as maintain registers of each adviser's compliance status.
Real cost savings, real time back
The technology significantly reduces the cost of compliance by reducing the hours it takes each year to be compliant — enabling advisers to focus on providing financial advice and servicing clients, which is ultimately what FAPs are in business to do.
Not only will business owners and advisers save time and money, they will also have confidence knowing they have a system in place in case of an FMA monitoring visit. The FMA has made it clear that it is going to continue scrutinising FAPs who don't comply with regulations.
If you're looking for a solution then don't hesitate to get in touch with Dacreed — we'd love to show you how the platform can take the pain out of compliance.
See Dacreed in action
Book a quick demo and we'll show you exactly how Dacreed makes compliance and professional development easy.
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