Complii FinTech Solutions have taken a significant step forward in the improvement of their compliance systems by fulfilling the increasingly sophisticated FASEA requirements. FASEA requirements represents not only a significant advance for Australian financial compliance, but significant opportunities for stockbrokers to ensure their compliance into the future.
WHAT ARE FASEA REQUIREMENTS?
FASEA (or the Financial Adviser Standards and Ethics Authority Ltd) was established in early 2017 with the intention of setting standards for the education and training of financial advisers across Australia. As an adviser, you need to make sure that you comply with these standards, or you could face significant sanctions.
The guidance is based on five core values, which are all central to financial advisers being trusted by their clients:
TRUSTWORTHINESS
For a good relationship, clients need to trust financial advisers. To do so, financial advisers need to do what’s right in all cases, even occasionally to their own personal detriment. Integrity, honesty, and a strong sense of ethical duty being at the centre of a financial adviser’s operation increases confidence and quality of work.
COMPETENCE
The ongoing development and maintenance of workspace knowledge is key to a good financial adviser, as it indicates a strong level of competence and ability within the role. FASEA recommends that in the case that an adviser is not able to help a particular client, they strive to find one with the ability to do so. By doing so, all clients get the able and talented financial adviser that they deserve.
HONESTY
This one speaks for itself. A financial adviser must be honest and transparent with their clients. Beyond simply telling the truth, financial advisers should never withhold information. Honesty is the first step to trust, and trust makes a good working relationship.
FAIRNESS
A financial adviser must be objective and treat all their clients equally and fairly. This includes knowing if you can actually go forward with what your client needs, and properly investigating and evaluating for a client in all cases. Therefore, whoever a client may be, they’re certain to get the best service possible.
DILIGENCE
Having a strong level of diligence in every job means that each individual case has a high level of care and attention paid to it. Advisers should meticulously look through every single detail of a client’s accounts, which makes sure that the best advice possible is always given to clients and they receive the best-tailored service for their accounts.
Combining all these factors means that financial advisers are excellently equipped for any and all eventualities. Thanks to a higher level of required training, the quality of advisers going forward will significantly increase in the long run. Compliance to these guidelines demonstrates Complii’s dedication to the clientele and helps their clients manage their compliance into the future.
WHAT DOES THIS MEAN FOR INVESTORS?
Investors, under the new FASEA guidelines, will have new processes to go through regarding stockbroker compliance, in order to become a sophisticated investor. This system includes sending a request to become a sophisticated investor, followed by a series of online questions and supporting documentation. Following a review, a client is either accepted as sophisticated or not.
Firstly, the wider FASEA guidelines mean that a higher level of adviser is essentially guaranteed. Whereas before, companies may have risked a worse adviser that may have slipped up in one of the five values. FASEA’s new overhauled requirements guarantee that attention will be paid to all these vital values. Financial advisers will, therefore, work to a guaranteed high standard, which is best for all investors across the country.
This enhancement in Complii’s product line means that ethical standards and guidelines are followed more thoroughly throughout Complii’s processes. Where Complii’s stockbroking compliance software was previously top of the line and ahead of industry standards, the advances made make sure that investors can be even more secure and aligned with Australian law than previously. With Complii’s continuing support for the most up-to-date compliance regulations, businesses can focus on increasing their revenues, maximising efficiency and avoid spending human resources on guaranteeing a good level of compliance.
SHOULD I USE COMPLII?
In order to make sure that your company remains compliant with ever-changing compliance regulations, use Complii. Our web-based risk and compliance solution is expertly designed to automate the compliance procedures of companies and protect them from any potential legal issues and financial crimes arising from compliance issues in the future. The Complii digital platform also removes the needs for paper-based compliance, moving all compliance procedures to a secure, online platform.
Need advice as well? Our MIntegrity business unit are experts at regulatory risk and FASEA / AFSL compliance.
If you want to learn more about what Complii or MIntegrity can do for you and your company, then get in touch with a member of the team.