In the current environment, compliance and risk management is of fundamental importance. FPSA works in partnership with advisers to implement an effective compliance framework, improving business systems and reducing compliance risk. Compliance reviews are conducted throughout the year to ensure stationery, advertising and Statements of Advice comply with the standards required by the Australian Securities and Investment Commission (ASIC) and the Financial Planning Association of Australia (FPA).

The compliance support that FPSA provides to its advisers includes:

• A detailed and user friendly compliance manual, which not only outlines advisers’ obligations, but provides real life examples and links to FPSA’s support tools.

• Initial induction training. This one-on-one discussion between the adviser and FPSA's compliance officer covers the main compliance requirements and how FPSA’s tools can be used to meet them.

• On-site compliance reviews. Each adviser receives at least one compliance review per year, which focuses on providing detailed feedback on a number of client files. The compliance officer provides guidance and feedback on areas that need attention. The aim of the review is not to point out what is wrong, but to work with advisers and their support staff to embed compliance into their business.

• Compliance workshops. Throughout each year, the compliance team provides training focused on a particular area of the financial planning process, which might cover how to more effectively create Statements of Advice, providing super switching advice or risk tolerance assessments.

• Ongoing updates. FPSA issues a regular newsletter that includes relevant updates on changes to compliance requirements, tools and important industry news. The compliance team also present a dedicated compliance session at each professional development day and annual conference.