Adviser Compliance Services
We provide a wide range of Adviser Compliance Services, and tailor a programme to your needs – whether you need support with one or a number of the areas outlined below.
How it works
You select the Adviser Compliance services you need and we’ll design a programme, including tracking and reporting processes, for your Group. We start with a consultation to map out the regulatory requirements of your business and identify the areas where you would like support. Then your Account Manager defines activities, timelines and you choose your preferred progress reporting structure. After that, it’s in our hands, and we undertake the agreed compliance activities for your Group.
View below a list of the Adviser Compliance Services we can provide.
Advice Process Reviews
A full and comprehensive 87-point review of the processes and documentation used by individual advisers in your Group. The Advice Process Review identifies any compliance issues for individual advisers to address, and provides suggestions on potential improvements for better client outcomes (in line with existing Group processes).
The Advice Process Review consists of an initial interview and review of documentation and any required evidence. The outcomes of the Review are then presented in an Advice Process Report, both to the individual adviser and as part of the regular Group reporting process.
Advice Process Approval
The next step in the Advice Process Review, the Advice Process Approval means that you have IDS support in the event of a complaint or investigation. Where no compliance issues are identified during the Advice Process Review, or those identified are resolved and then reviewed by the Account Manager, the adviser is presented with an Advice Process Approval Certificate.
Advice Process Checks
A follow-up service, Advice Process Checks consist of three advice-file audits for an adviser, designed to ensure that the correct processes – as determined by the Review or Approval – are being followed. These checks are designed for businesses that have completed an Advice Process Review, and we recommend a minimum of one Advice Process Check per year per adviser.
All reporting entities are required to complete an independent AML/CFT Audit every two years. As these Audits must be independent, we refer clients who engaged IDS to design their AML/CFT programmes to two strategic partners. Where IDS was not involved in establishing your AML/CFT programme, we can complete the independent Audit for individual advisers in your Group.
DIMS and Peer-to-Peer Lending Process Reviews
A review of your entity’s processes to ensure it is meeting its legislative and licensing requirements, and to provide a clear guide on any compliance issues and process improvements. The size and cost of the review is dependent on the type of entity and licence, as well as the size of the operation.
Adviser Business and Disclosure Statements
Select the level of support best for your Group, including new documentation development; as-needed review and changes through to complete documentation management (changes, storage and version control). Or simply ask us to alert you when industry changes require an internal documentation review.
Professional Development Plans and CPD Logs
Continuing Professional Development (CPD) is an increasingly important part of adviser life. We help advisers design and manage their CPD plan and calendar, including: identifying areas for skills development; finding the appropriate learning opportunities available to develop those skills; and management of their CPD Log to meet their regulatory requirements.
Important Compliance Reminders
Timing is everything, and this is particularly the case with compliance. We structure a calendar based on your Group’s regulatory requirements, and ensure that all advisers are given plenty of notice before important compliance actions are due. Reminders are tailored to your Group and adviser obligations, and generally include:
- Financial Service Providers Registration Renewal
- Authorisation Renewal
- Dispute Resolution Scheme Renewal
- Professional Indemnity Renewal
- AFA Annual Reporting and ABS Confirmation
- AML/CFT Annual Report
Also included in this service is our Legs and Regs update – a snapshot of regulatory changes that highlights relevant information for Adviser Groups, and provides guidance on whether any action is required.