Alongside market volatility, there are other critical things that mortgage brokers and financial planners need to look out for, such as the ever-changing laws and regulations. Although most find compliance tedious, regulatory compliance is not just about avoiding penalties — it’s about protecting your business, clients, and reputation.
Let’s examine the recent regulatory changes affecting brokers and financial planners and how you can maintain compliance without eating up your personal time.
Understanding Recent Regulatory Changes
The financial services industry is undergoing significant regulatory shifts, and brokers need to stay ahead of these changes to ensure compliance. The Australian Securities and Investments Commission (ASIC) has implemented new standards and requirements that directly impact brokers.
Key Regulatory Changes
Professional Standards
New requirements for professional standards mean brokers must meet higher educational and ethical standards to continue practising.
Adviser Registration
Financial planners are now required to register as advisers, which includes meeting specific criteria and paying registration fees.
Quality of Advice Review
The government’s response to the Quality of Advice Review introduces new regulations that financial planners must navigate to ensure their advice remains compliant and beneficial to clients.
These changes are not just about ticking boxes—they represent a significant shift in the industry’s operations. Failing to stay compliant can lead to severe penalties, loss of reputation, and even the ability to practise. How prepared are you to handle these changes?
Practical Tips for Staying Compliant
Staying compliant in a dynamic market requires proactive measures and strategic planning. Here are some practical tips for brokers to stay on top of regulatory changes:
Regular Updates
Keep yourself and your team updated with the latest regulatory changes. Subscribe to industry newsletters, attend seminars, and participate in webinars to stay informed about new regulations and compliance requirements.
Training and Education
Invest in continuous training and education for yourself and your staff. Regular workshops and courses can help everyone stay knowledgeable about the latest regulatory standards and how to implement them in daily operations.
Compliance Audits
Conduct regular compliance audits to identify any areas of non-compliance. These audits help ensure that all processes and procedures are up-to-date with current regulations. Regular audits also allow rectifying issues before they become significant problems.
The Role of Technology in Compliance
Leveraging technology can simplify compliance management and reduce the burden on brokers. Here are some technological solutions to consider:
Compliance Software
Invest in compliance software that automates regulatory tasks. Tools like ComplyAdvantage can track regulation changes, generate compliance reports, and provide alerts for upcoming compliance deadlines.
Data management
Proper data management is crucial for compliance. Ensure your data is stored securely and is easily accessible for audits and regulatory checks. Ezidox and OneDrive offer advanced data management systems with encryption and secure access controls, making data management seamless and secure.
Reporting Tools
Utilise advanced reporting tools to generate detailed compliance reports. HubSpot and Salesforce provide robust reporting tools that help you track your compliance status and identify areas needing improvement. Regular reports also help in maintaining transparency and accountability.
How a Virtual Assistant (VA) Can Help
With the ongoing regulatory changes, it’s no wonder many brokers and financial planners struggle to keep up while focusing on their core business activities. The key lies not in trying to manage every single task yourself but in having an extra pair of hands to keep you compliant and ensure your business thrives.
A VA can provide vital support, handle compliance-related tasks, and allow you to concentrate on growth and client relationships. Here’s how a VA can assist:
Monitoring changes
A VA can monitor regulatory changes and provide timely updates. They can keep track of new regulations, interpret them, and inform you about necessary adjustments in your operations.
Documentation management
VAs can efficiently manage compliance-related documentation. They ensure all documents are up-to-date, correctly filed, and readily available for audits. Proper documentation helps maintain compliance and avoid penalties.
Training coordination and Project management
VAs can coordinate training sessions and educational resources for your team. They can schedule workshops, manage attendance, and ensure everyone completes necessary training modules.
Audit preparation
Preparing for compliance audits can be time-consuming. A VA can assist by gathering necessary documents, organising files, and ensuring all compliance requirements are met. This preparation helps in smooth and successful audits.
At Koruna Assist, we provide highly trained and ISO-certified Virtual Assistants who can help you be updated with the latest regulatory changes and remain compliant. Our VAs are equipped to handle the specific needs of the mortgage broking industry, including loan processing, compliance, and other administrative tasks.
Schedule a free strategy call with Koruna Assist today and take the first step towards a more streamlined and compliant business.
