The world of financial advice is ever-evolving, with professionals the world over coming up with new ways to provide and better assist their clients. With that, it’s becoming increasingly important for advisers to keep up with the latest regulations and changes in the field of personal compliance. With that in mind, IFA Magazine recently conducted a reader survey in collaboration with tech-based T&C and People Compliance platform HRComply to gain a better understanding of how these professionals understand the details of personal compliance, and how that works out within the advice business.
The results of this survey demonstrate that a majority of advisers have a good grasp of the complexities involved in personal compliance. The survey showed that almost all advisers – 93 percent – stated they knew their roles and responsibilities when it comes to compliance matters. Additionally, the survey highlighted the lengths that advisers take to stay up-to-date and compliant, with 58 percent of respondents stating that they use some type of compliance software and services.
These results showcase just how committed advisers and advice businesses are to staying on top of all necessary compliance issues that face the industry, with organisations taking advantage of the various technologies, software and services available to them. This is highlighted further by the fact that most participants felt that the responsibility for personal compliance should be shared between the adviser and their client.
It takes a great deal of dedication to stay current in the world of financial advice, and getting the relevant information is essential to ensure any advice given is compliant. Such initiatives undertaken by IFA Magazine, in conjunction with specialist compliance platform HRComply, have proven to be a helpful source of insight into the industry, demystifying the role personal compliance plays in advice businesses. The results of this survey are far-reaching and demonstrate that advisers are indeed well-equipped to handle the complexities and responsibilities of the ever-shifting landscape of the regulations and developments in the advice sector.