FAPs are adopting technology to cut the costs of compliance.

Compliance for financial advisors is not only becoming expensive, it is time consuming. But it cannot be avoided.

The Financial Markets Association (FMA) requires Financial Advice Providers (FAPs) to have robust systems in place for managing their professional development and compliance.This includes having a professional development plan in place for each advisor, recording their professional development activities and outcomes, and maintaining accurate records of their compliance.

The good news is that technology is making management of CPD much easier, cutting the cost of compliance and improving efficiencies.

New technology enables FAPs to create tailored professional development plans, recording professional development activities and outcomes, document and monitor CPD, as well as maintaining registers of each advisor’s compliance status.

The technology significantly reduces the cost of compliance by reducing the hours it takes each year to be compliant, enabling advisors to focus on providing financial advice and servicing clients, which is ultimately what FAPs are in business to do.

Not only will business owners and advisors save time and money, they will also have confidence knowing they have a system in place incase of a FMA monitoring visit. The FMA has made it clear that it is going to crack down on FAPs who don’t comply with new regulations.

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