Many Directors of Financial Advice Provider’s or Authorised Bodies, may not understand their very real obligations in that role as distinct from their role as an adviser. In an environment with an active regulator, there is a gap in training, skills and knowledge that needed to be filled.
The Compliance Refinery, in partnership with governance experts Faraday & Company has created the Director Support Programme. It is a course designed to ensure Directors have the knowledge and skills to act in their capacity under the full licencing regime.
Regulatory returns, outsourcing due diligence, business continuity and technology systems, material changes notifications, maintain ongoing requirements, cybersecurity, training and development processes - if you ask anyone who is in the process of submitting a full licence application as a Financial Advice Provider, you will learn very quickly that the focus of the submission is on the business and governance.
Good governance in any business is essential and includes setting the purpose and values of the business. This ensures everyone has the skills to fulfil their roles, holding the business and its people to account and ensuring good governance hygiene is exercised.
Orange is not the new black
Pursuing good governance is critical to demonstrate a Director or Board has exercised their duties of care and good faith, as required by law. The “four pillars” - as they’re called by the Institute of Directors NZ – are really just good business practice. They are the keys to opening growth opportunity for any business prepared to understand how good governance can serve the business. “It doesn’t need to be complicated if you are a small business – but it does need to be done if you are to meet your standard conditions for licencing” says Director of Compliance Refinery, Steve Burgess.
Compliance Refinery’s course facilitator, Melanie Purdey adds “Orange is not the new black I hope. So, my goal is to ensure every FAP Director/Owner I work with is well protected because they fully understand what a Director’s role is as unique from their adviser roles. That they understand how they will avoid regulatory scrutiny and hefty fines that could come with inattention to their legal duties.”
The full licencing conditions also dictate ongoing training for directors. Therefore as part of the ongoing enrichment after the initial course, Compliance Refinery is hosting a monthly Director Bootcamp to engage our course graduates on topics and practical experiences that will help them manage the purpose, strategy, conduct and compliance of their FAP businesses in their roles as Directors as distinct from their roles as advisers.
Compliance Refinery is one of New Zealand’s leading compliance consulting firms specializing in compliance and licensing services, training, FAP licensing consulting, file audits, AML audits, advisory board services and governance. It is a growing team as the demand for compliance support for FAP businesses has boomed.
Visit Compliance Refinery’s Director Support Programme for more information. https://compliancerefinery.thinkific.com/