Advice & Claim File Compliance Review Service
The Australian Securities Investment Commission (ASIC) has been randomly requesting licensees to submit advice files for their review.
Are you prepared and confident if ASIC come knocking to review your advice and claims records?
- Need to remediate any advice gaps?
- Does the advice you are delivering to consumers sit within the current regulatory regime requirements of “in the client's best interests"?
- In-house resource constraints? Lacking specific area of expertise in-house?
- Looking for an arms-length status to conduct an objective ‘audit’ ?
Advice practices and their licensees are now coming under greater pressure than ever to ensure the advice they are delivering to consumers sits within the current regulatory regime requirements of “in the client's best interests". But how does management cross check and if necessary, remediate any gaps by adjusting processes and training and upskilling people? In-house expertise is often missing especially if that in-house expertise lacks the arms-length status to conduct an objective ‘audit’ of the advice proposed/delivered. Or more challenging is where no in-house expertise can be resourced, usually due to budget constraints.
"We’ve worked with Sue Laing for over 15 years on AFS licensing and risk advice review projects. Her expertise and passion for life risk advice is quite simply the best in Australia. In our most notable project together, she has transformed our mutual client’s life risk advice process from end to end, including information collection, analysis and advice preparation, as well as training and monitoring. I recommend her services unreservedly to any advice practice aiming to achieve best practice."
Claire Wivell Plater & Simon Carrodus – The Fold Legal
The Risk Store’s unique experience, expertise and independence has been recognised for the last few years as fulfilling this need for life risk advice cases and thus helping licensees stay ahead of the regulators. We can be affordably contracted to conduct random, objective advice file checks and feed back any remediation recommendations as well as report on any individual file issues if found. This enables management to make the necessary changes to their business processes BEFORE they become a problem or liability. Any nuanced parameters for 'compliant’ advice are agreed to between us and the licensee and documented at the outset of the work and the level of reporting (somewhat driving the cost) is also agreed to from the beginning and then reviewed as necessary.
The Australian Securities Investment Commission (ASIC) has been randomly requesting licensees to submit advice files for their review. Your business can be ahead of the scrutiny by engaging our service, as we have worked with clients already under review by ASIC and we are au fait with ASIC’s views and shifting concerns from time to time. Perhaps more critically for the end client, issues on individual files which are identified as needing remediation - or even just a simple ‘fix’ - are key to assisting the licensee to be on the front foot with the clients involved. This positions the licensee very positively as having a QA focus; such client-centricity is always impressive.
To enquire about this service, check out testimonials, or discuss your specific needs, please contact us on:
Email us a note using this contact form link
Call Pete Wincott on 0416 009 403 or Sue Laing on 0412 265 822