As we enter the final quarter of 2023, we have some important updates and reminders to be aware of so you can continue to meet your compliance obligations. If you have any questions relating to this update, or any other compliance-related matter, please contact Geoff Byrnes.

Experienced Pathways: Recognising your expertise

Minister for Financial Services, Stephen Jones, introduced the Treasury Laws Amendment (2023 Measures No. 3) Bill 2023 to Parliament in June 2023.  This bill includes measures designed to acknowledge experienced financial advisors.  To qualify for recognition under this bill, you must meet the following criteria:

• Have at least 10 years of cumulative experience providing financial advice between January 1, 2007, and December 31, 2021.
• Maintain a clean practice record with no recorded disciplinary actions on the Financial Advisers Register before December 31, 2021.

Additionally, to continue operating as a Personal Advice Financial Planner, it is essential that you have completed the FASEA and Ethics courses.

If you have any questions or need further clarification on how these changes may impact you, please don’t hesitate to get in touch with us.  We are here to support you both now and as we approach 2026.

Audit preparation: Key considerations

Preparing for an upcoming audit is of paramount importance to ensure a smooth and stress-free experience. Last-minute hassles can lead to unnecessary stress and may affect decision-making during the audit process.

Here are some critical steps to take:

• Maintain proper file organisation and implement two-factor authentication for enhanced cybersecurity.
• Ensure that your files are accurately labelled and easily identifiable, facilitating a streamlined audit process.
• Keep all your FDS and opt-in client records up to date, and be ready to demonstrate that all reviews have been completed and clients have signed off on required documentation.
• Verify that your SoAs adhere to the Best Interest Duty and Safe Harbour measures.
• Ensure all basic documentation, including research, fact find documents, and file notes, are completed.

Please understand that our compliance team aims to be an “educator” rather than a “dictator.” We are all working together towards the same goal, ensuring that your documentation is in compliance and that your clients receive the best possible experience.

We are committed to supporting your growth and success as financial advisors. If you have any questions, concerns, or if you’d like to discuss any of the points mentioned in this newsletter, please do not hesitate to reach out to us.

Geoff Byrnes

Geoff ensures that our financial advisers follow their compliance duties and legislation so that our clients’ best interests are always at the heart of what we do.  Read his full bio here.