Compliance Services

IDS provides a comprehensive range of compliance services for financial advisers. See below for specific services, or contact us to discuss a tailored programme for your annual compliance needs.

Advice Process Review
A full and comprehensive 87-point review of your advice business, processes and documentation to identify any compliance issues or areas for change.

Advice Process Report
Based on the Advice Process Review, we provide recommendations on process and documentation improvements, and how they can be achieved.

Advice Process Approval and Certificate
On completing a successful Advice Process Review, IDS awards an IDS Advice Process Approval Certificate. IDS Approval is your compliance Warrant of Fitness, and ensures that you would have IDS support in the event of a complaint or investigation.

Advice Process Checks
Using three of your advice files, we check that the Advice Process Review recommendations have been implemented. Essentially, this is a practical tool to ensure that the necessary changes have been applied appropriately. We recommend a minimum of one Advice Process Check per adviser per year.

AML/CFT Audits
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.

Advice Business and Disclosure Statements
Whether you need an expert eye over your existing documentation or want to revisit how your documentation supports your business and advice processes, we can help. Select the level of support best for your business, including new documentation development, review and changes, quarterly updates, version control and storage.

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.

Professional Development Plans and CPD Logs
Continuing Professional Development (CPD) is an increasingly important part of adviser life. We can help you design and manage your CPD plan and calendar, including: identifying areas for skills development; finding the appropriate learning opportunities available to develop those skills; and management of your CPD Log to meet your regulatory requirements.

Important Compliance Reminders
Our tailored reminder service alerts you to tasks specific to your business well in advance of deadlines. Depending on your compliance requirements, we set up reminders for the following:

  • Financial Service Providers Registration Renewal
  • Authorisation Renewal
  • Dispute Resolution Scheme Renewal
  • Professional Indemnity Renewal
  • AFA Annual Reporting and ABS Confirmation
  • AML/CFT Annual Report

We’ll send you our quarterly Legs & Regs Update, which details regulatory news and changes, and highlights what is relevant to your business and if any action is needed.

Download the IDS Compliance Services Retail Pricing overview – click here