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New advice rules more flexible than advisers think

A new guidance note from Strategi Compliance aims to show financial advice professionals that compliance under the new financial advice regime is more flexible than many believe.

Friday, June 25th 2021, 7:46AM 3 Comments

The What does compliant financial advice really look like? guidance note also reveals Strategi’s own checklist for reviewing compliance standards.

It is aimed at financial advisers, managers and owners of financial advice providers (FAPs), as well as compliance and quality assurance staff within FAPs.

“A common misconception is that compliant financial advice is something set out in black and white, written in legal stone and with no room for suitable interpretation or adaption,” says David
Greenslade, executive director of parent company, Strategi Group.

“The reality is that while there are rules that must be followed, these are more principles-based than prescriptive. The important thing is relating them to the client’s specific needs – that is what
the aim of compliance is really about and what is likely to be considered compliant.”

“Our new guidance note shows readers how to achieve compliance that is good for the business, good for the client and good for the regulator,” he says.

The new guidance note:

  • shows how tech solutions can’t do it all when assessing compliance and where human intervention is required;
  • highlights the importance of the six-step advice process in good compliance; and
  • details Strategi Compliance’s own compliance checklist for reviewing client files.

 

Tags: compliance FAP Financial advice Strategi

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Comments from our readers

On 25 June 2021 at 7:40 pm Murray Weatherston said:
I think I see what is happening here.
30 odd years ago at a USA IAFP meeting, I heard a very impressive presentation by a former P&G FMCG marketer who had gone private and had chosen financial advisers as his niche.

He must have been 6 ft 10, and might have been at home in an NBA first 5.

One of the 3 things indelibly printed on my brain from his presentation is the following, with choreograhed actions.

It went like this - "your job as an adviser is to find your suspects wound. You then grab a long handled spear and put it in the wound and jiggle it around. And when the suspect is broken and given up all hope, you tell them that you and only you have the answer to remove the pain."

For the slower among you. I reckon Strategi (and the other compliance firms I might add) for the last couple of years have been scaring the bejeezus out of the populace about compliance.

But now they say "it's not so bad. Especially if you trust us!"
On 1 July 2021 at 2:52 pm JPHale said:
Well said Murray
On 6 July 2021 at 3:56 pm Graeme Lindsay said:
How perceptive of you Murray!

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