This article is from RiskInfoNZ published 22 June, 2023.
An audit confidence check is the latest service to be offered by The Adviser Platform (TAP) to help FAPs decide if they’re ready to respond to an FMA audit.
TAP is a full-service CRM and compliance platform, and its MD Ryan Edwards says the regulator has started conducting monitoring reviews. That meaning advisers are expected to provide the FMA with a range of documents and business data to assist it with their review of a business’s systems and procedures.
“A FAP is required to demonstrate how they’re meeting their licence obligations,” says Edwards.
“Our audit confidence check is designed to simulate a request for information from the FMA that needs to be supplied before a monitoring visit takes place. A FAP can use the tool to determine how prepared they are.”