Nowhere left to hide on regulatory compliance
Standard nine of the Code of Professional Conduct for Financial Advice Services requires FAPs, financial advisers and nominated representatives to keep competence, knowledge, and skill up-to-date.
Day: 8 November 2023
Mobile phones saving advisers as much as $2000 a year
Clever use of mobile phones as a tool in the advice process can not only improve efficiency, but save Financial Advice Providers (FAPs) thousands of dollars every year.
Two-thirds of entities are non-compliant DIA report shows
Two-thirds of the AML/CFT assessments carried out by the Department of Internal Affairs identified reporting entities as being non-compliant and requiring some form of remediation, the Department’s latest AML/CFT Regulatory Findings Report has revealed.
Point to ponder: What happens to AFAs who were previously AML reporting entities?
Does the AFA reporting entity obligation now pass to the transitionally licensed FAP? Or does the authorised body that engages the former AFA now pick up that responsibility?