The collective noun in our industry defining government policy, regulation and professional indemnity insurance is compliance. Compliance is the financial adviser’s daily barrier – compulsory, controlling and costly in both time and money. But is has to be so, since the consequences of not abiding with compliant demands could be a swift exit from the industry.
Compliance teams are quite often blamed for their interventions when checking cases, or for the increase in documentation required to complete a case. However, every compliance directive is as a result of the higher burden placed on firms and their advisers.
The focus, therefore, has to be on being 100% compliant and accept that the greater burden being passed down is simply something you just have to get on with. You have to accept and tolerate the fact that compliance departments work in your best interest based on higher facts, meetings, and instruction from a combination of the regulator, the insurer, and government policy.
Focus on the benefit instead. Compliance is there to look after you, to ensure you are being protected and that you will leave the industry under your own steam and not under someone else’s. Have you ever noticed that compliant and complaint are remarkably similar words? Further, make sure your clients know that you are being protected by having a compliance facility and process to follow, which is there to keep you – and therefore your clients – safe.
Turn compliance to your advantage. Make sure your clients know that it is there for their ultimate benefit that your business is regularly checked to ensure you provide the highest standard.
