The Health Check is a comprehensive review of your business operations against your FAP license obligations. We review all aspects of your business related to your FAP license and provide feedback and suggested actions based on minimum requiremets and best practice.
The insights gained from our Health Check enable you to adopt suggested measures at your own pace on a continuous improvement journey. This refinement enhances business operations, boosts efficiency, and ultimately drives profitability. The Health Check ensures you are meeting the licensing requirements and mimics an FMA review.
The Health Check assesses a business against the relevant FAP Regulatory Conditions. This includes all Standard Conditions, FAP licensing Guide, and relevant FMA guidance. We also incorporate learnings from our other interactions with regulators and DRS providers (audits, actions, DRS investigations and findings). Compliance Refinery will test the following areas:
Upon accepting the engagement, Compliance Refinery will onboard you as a client. This will consist of a document request, and we will set up a series of formal interviews to discuss the business and how it operates.
While testing we will liaise with your business until we present the draft report to you. We aim to provide an in-depth review; however, we can only rely on the information provided at a point in time.
The initial interval is generally two hours and the total time for completion of the Heath Check process is usually 8 weeks.
Should you be receiving file reviews they will run concurrently, and a separate report will be issued.
We can access the required documents in the following manner:
You can upload the required document to the SharePoint folder we provided a link to. You will have open access throughout the life of the product. From time to time Microsoft can change setting if you have trouble accessing, please let us know and we will reinstate.
You will receive a comprehensive report at the end of the process with an action plan
The process generally takes 8 weeks, but can vary depending on how long it takes to get through the interview stage and how long it takes for you to provide the documents.
At Compliance Refinery, we understand the importance of staying ahead of the curve in the financial industry.
We love to work with businesses to help them navigate the new regulatory world. We assist Directors in moving forward and implementing new business strategies and pathways. The Health Check allows you to navigate a changing world and become a more productive business in the future.
Our purpose-driven approach means that we prioritize your success, while also making sure you comply with all relevant laws and regulations. Our team of experts will work with you to tailor a solution that meets your unique needs, so you can focus on delivering quality financial advice to your clients.
We believe that compliance is not just about ticking boxes, but about building a culture of integrity and accountability in your business. Our comprehensive range of services includes compliance audits, risk assessments, training and education, and ongoing monitoring and reporting, all designed to help you maintain the highest standards of ethical conduct.
So, if you’re a FAP business owner looking for a partner that shares your values and understands your needs, look no further than Compliance Refinery. Let us help you navigate the compliance landscape with confidence and take your business to the next level. Contact us now to learn more about our CORE FAP Services.
Sometimes businesses require additional support to improve their process or templates, these include:
Steven Burgess
Sheena Hall
Rachel Terry
Melanie Purdey
Our professional organisation sought the advice and guidance from The Compliance Refinery. Steve Burges not only filled us in on all the relevant legislation, but also highlighted many areas of compliance that we had not even considered. The investment in time and money was well worth it. This is one less headache to deal with in the new landscape we are facing
Compliance Refinery has become an invaluable partner to our business. Their practical approach to compliance and governance has helped us strengthen our processes, improve adviser performance, and stay focused on delivering great outcomes for our clients. The support we receive is proactive, professional, and always tailored to our needs.
The advice review process provided clear insights into areas where we could improve and gave our team practical actions to implement. The feedback was constructive, easy to understand, and has significantly improved the consistency and quality of our advice files.
Working with Compliance Refinery has given our leadership team greater confidence in our governance and compliance framework. Their expertise, responsiveness, and ability to translate complex regulatory requirements into practical solutions have been instrumental in supporting our growth.
