Where there’s compliance, there’s cash

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Former ANZ Bank risk manager Paul Barton has launched a new consultancy to help advisers and fund managers cope with the new financial adviser regulatory regime.

Friday, May 6th 2011, 7:26AM 2 Comments

Barton identified a gap in the market to advise financial advisers about compliance with the requirements of the Financial Advisers Act, which comes into force on July 1.

Barton said many advisers have been occupied getting their required qualifications and registration sorted and their Adviser Business Statements ready to submit to the Securities commission.

"The real challenge for financial advisers is not so much about understanding the requirements of the new regulatory regime, but working out how to set up effective, pragmatic and sustainable governance and business controls that are easily implemented and allow the adviser to comply with the new requirements."

Barton said advisers need to be mindful of the finance company collapses and fallout from the ING frozen funds debacle which ushered in the new regulations.

He said financial advisers and fund managers must ensure they always act in the best interests of their clients when selling complex financial products.

"We don't want to see another ING frozen fund event happen here again. RiskHub is here to guard against that," he said.

Barton said the new company had been established to give expert advice to financial service providers through a structured and pragmatic approach to fast track the implementation of controls and processes that allow financial advisers to comply with the new regulations.

"Our approach is to provide simple solutions that support the compliance objectives of advisers and provide tangible value to their businesses through more robust and efficient processes."

He said the RiskHub compliance programme is tailored to the needs of the adviser and structured to protect their business from a range of risk impacts, including regulatory scrutiny, breaches, fines, financial loss and reputational damage.

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