FAP Reviews (Advice File Review Service)

At Compliance Refinery, our FAP Reviews service is a data-driven, continuous improvement programme designed to strengthen your advice process, reduce regulatory risk, and improve the overall quality and consistency of financial advice across your business.

This service is built for FAP businesses that want more than basic compliance checking — it focuses on real improvement, better governance, and stronger advice outcomes.

FAP Reviews

What is it?

FAP Reviews assess your financial advice files against:

FAP licence obligations (Class 1 & 2)
Standard Conditions & FMA guidance
Code of Professional Conduct
Best practice advice standards

We review real advice cases and provide practical, actionable feedback to improve consistency and quality.

Why businesses use it

Clients choose this service because it helps them:

Improve advice quality across advisers
Identify risks early and reduce compliance issues
Strengthen governance and oversight
Track adviser performance with clear data
Build confidence in regulatory compliance

What we review

We assess key parts of the advice process, including:

Client fact find & suitability
Advice quality and documentation
Disclosure & compliance requirements
Implementation of advice
Record keeping standards
SoA (Statement of Advice) quality

How the process works

We collect and review selected advice files
Provide structured feedback and scoring
Highlight risks and improvement areas
Conduct a debrief session with your team
Repeat on a quarterly or risk-based cycle

Reporting & outcomes

You receive:

File review reports
Adviser performance insights
Risk & compliance findings
Action plans for improvement
Ongoing progress tracking

The result

FAP Reviews help you move from reactive compliance to a structured, data-driven improvement process that strengthens advice quality, reduces risk, and supports long-term business growth.