If the FMA comes knocking can you supply docs in time?

Addressing these anxieties, The Adviser Platform (TAP) recently launched its audit confidence check tool, designed to equip FAPs with an understanding of their readiness for the FMA's monitoring reviews.

Under the FMA's new regulations, advisers must provide an assortment of business data and supporting documents demonstrating their compliance with license obligations. The new tool offers an immersive simulation of a monitoring visit.

TAP managing director, Ryan Edwards says from his observations, adviser interactions with internal auditors and the FMA have been lacking. He notes that the majority of advisers are not engaged with the auditing entities and face challenges in assembling the required documentation within the typical 10-day notice period.

He believes that the audit confidence tool will illuminate areas of improvement for FAPs, encouraging proactive modifications to their audit preparation strategies. Should the tool reveal an adviser's lack of audit readiness, TAP can provide solutions to get them back on track.