IDS restructures to guide advisers through change
Compliance firm IDS has restructured to help advisers prepare for more regulatory change on the horizon.
Thursday, July 21st 2016, 6:00AM
by Susan Edmunds
The review of the Financial Advisers Act is working through its final stages, and will introduce a code of conduct for all advisers, among other changes.
IDS managing director Barry Read said his firm had expanded its compliance services for individual advisers in response and established support services for groups who might want to become licensed financial advice firms under the new rules.
“We have also launched an adviser development division to support those who will need to upskill to meet the competency standards in the future.”
Read said IDS was working with nine national adviser groups already.
He said the firm wanted to position itself so that people who were unsure about how to fit in with the new framework could ask for advice and guidance.
“Advisers should think about what they want their business to look like in future and get that set in their minds,” Read said.
“Then when the requirements come out, rather than looking at those and choosing their business model out of that, which is what some people did in the past, they should focus on their proposition first and then come to us and go ‘here’s what we want to deliver,’ and from there work out how to meet the requirements.”
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