Strong demand for outsourced compliance: Austin
Institute of Financial Advisers president Nigel Tate suggested last week that experienced advisers could save money and pick up skills by doing audits for each other when they are due every two years.
The guidelines allow an independent person to perform an audit and say that reciprocal audit arrangements with a similar company should be considered.
Tate said some compliance companies were charging up to $2000 for an audit, and said it was “compliance for compliance’s sake”. He said there had been a proliferation of companies that were making money out of adviser regulation.
But Gavin Austin, of ABC Compliance, said most audits of independent financial advisers could be done for just under $1000.
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