A cartel of NZ compliance training and consulting firms have been pushing the use of templates to support their client’s FAP licence application for the policy, process, control, and evidencing. Templates from a common source are easily detected by experienced regulators. Box ticking and making short statements to populate such templates to meet FAP licensing criteria is a no-no.
The new FAP regime coming into play from 15th March 2021 is a game-changer for many firms. Each firm needs to complete their own unique PPCE DNA under the FMA licensing standards. The best way to do this is to imagine and then do a reality check with compliance and operations how your firm actually “walks the talk” with evidence.
Do not rely on general market “motherhood” statements. Regulators are far more likely to scrutinize and closely question applications that appear too generic and are not relevant to your firm based on peer sector information. Furthermore, your firm’s risk management must be forward-looking rather than just reflecting the “here and now”.
You need to future proof your enterprise. Contact Veritas HQ for details on how to make your FAP compliance cheaper, more relevant and effective for your firm. Treat compliance as a healthy quality assurance check on your business so it becomes a profit-enhancing rather than a cost-sapping painful and tedious but essential exercise!
