New advice rules more flexible than advisers think
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.
Murray Weatherston
Jon-Paul Hale
Graeme Lindsay
