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Strategi Connect

September 10, 2020

     

IN THIS ISSUE

  • Ready for the new advice regime? Ask these five key questions to find out
  • Hacking is a business - but you don’t want to become a client
  • Time to upskill your compliance officer
   

COMPLIANCE

Ready for the new advice regime? Ask these five key questions to find out

Advisers holding 5 questions

The time has come to clarify your future status in the new advice regime. Selvan Naidoo, Strategi’s head of risk and compliance, recommends that every adviser intending to remain in the industry after 15 March 2021 should check how well they are tracking using the following five questions.

  • What will be my legal status? Will I be a financial adviser or nominated representative and what is the implication of each status? Will the terms of my employment change and will I be taking on more, less, or the same level of risk?  
  • What training will I need? Will my existing qualification or experience suffice, or will I need to do additional study? Exactly what study will I need to do and when, and who will pay for it? If the training is in-house, then is it recognised elsewhere, or will I then need to do formal qualifications if I leave my current employer?
  • What will change with the advice process? Are we going to use better templates and processes so documents are quicker to prepare and easier for clients to understand? If yes, then when will they be ready and how do we test these before 15 March 2021? How detailed do we need to be with disclosing remuneration and who is going to train me?
  • What changes with my employment agreement KPIs? How will my key performance indicators (KPIs) alter to reflect the added risk my financial advice provider (FAP) or authorised body will assume? How do I obtain a bonus if incentive schemes are expected to no longer be totally volume and value based? What do I need to do to meet the new compliance standards and good conduct obligations? Will my remuneration change to reflect changed KPIs?
  • Will change be gradual or sudden and how do I prepare? Is the business on track for changing on 15 March 2021? Will we have new processes gradually introduced along with new software and templates over coming months or will there be a massive change on 15 March resulting in disruption to what we do?
Feeling concerned? Employers and business owners can contact the team at Strategi Compliance to gain advice and guidance on any of the topics listed above.

   

COMPLIANCE

Hacking is a business - but you don’t want to become a client

Adviser being hacked

In recent weeks, there have been multiple alerts from Strategi , the Financial Markets Authority and others relating to the Denial-of-Service (DoS) attacks that have hit the NZX and others. This is a serious threat that is not going away any time soon.


It’s the modern-day equivalent of the extortion the mafia and various other gangs have used to gain money from business owners over time. Except today, a big percentage of business is digitally transacted and client information is also largely held in digital form, so it makes sense that criminals will now attack these digitally-based businesses too. Cyber-security is going to be part of our daily lives, so it’s time to embrace it.

Strategi has produced cyber-security policies, guidance notes and training programmes that can help you be better prepared for any such attacks. Understanding the hacker mindset is a free two minute read that can give you some valuable insight into how a hacker might approach your business and what you can do about it. Contact us if you would like to know more about how we can help.
   

TRAINING

Time to upskill your compliance officer

Upskilling circled in red

Every future FAP, regardless of size, will need to have someone designated with the responsibility of ensuring the business is compliant and meeting its obligations under the multitude of legislation, regulation, and codes that will apply to FAPs under the new financial advice regime.

Strategi’s FAP Compliance Officer Course provides attendees with the competence, knowledge, and skill needed to operate a compliant FAP. This intensive two-day classroom course has been specifically designed for FAP compliance officers.

It includes provision of a comprehensive online manual, helpful templates, pre-course reading and assignments. Furthermore, attendees receive five NZQA credits.


Receive a recognised qualification, gain knowledge, and help your business obtain its FAP licence - register now for the next course being held 23-24 September 2020.
   
   
     

If you have any questions, please don't hesitate to

     

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Disclaimer: The information contained in this email was prepared by Strategi Limited. While every care has been taken to supply accurate information, errors and omissions may occur. Accordingly, Strategi Ltd accepts no responsibility for any loss caused as a result of any person relying on the information supplied.