As we head into the H2-24, a long line of AFSLs are expressing interest in the proactive advice monitoring and supervision oversight offered by Fourth Line. hmh Advisory is one such licensee that is proactively engaging in the advice process and has recently joined the Fourth Line Advice Quality Community. For too long, too many licensees have relied on the "legacy approach" to advice oversight - that is, random-selection, backward-looking audit of advice already delivered to a client. ** Why is this a problem? ** Because the horse has bolted - any breaches or possible grounds for a complaint or Australian Financial Complaints Authority (AFCA) action have already occurred. These can't be undone. ** How to avoid this? ** Prevet advice - review every piece of advice before it walks out the door Fourth Line would like to thank Justin Wood CFP and the team at hmh Advisory for choosing Fourth Line as their quality advice partner. ------- We would also like to thank Mark Stephen and Murray Swilks from Civitas Services for introducing HMH to Fourth Line and acknowledge all the wonderful work Civitas Services does with self-licensed practices. If you are self-licensed, or thinking about becoming self-licensed, we recommend you reach out to Murray or Mark for an initial chat to explore how Civitas can help you. Fourth Line has now grown to a 𝗰𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝘆 𝗼𝗳 𝟴𝟬+ 𝗗𝗲𝗮𝗹𝗲𝗿 𝗚𝗿𝗼𝘂𝗽𝘀, 𝗦𝗲𝗹𝗳-𝗹𝗶𝗰𝗲𝗻𝗰𝗲𝗱 𝗣𝗿𝗮𝗰𝘁𝗶𝗰𝗲𝘀, 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗮𝗻𝘁𝘀 𝗮𝗻𝗱 𝗶𝗻𝗱𝗶𝘃𝗶𝗱𝘂𝗮𝗹 𝗔𝗱𝘃𝗶𝗰𝗲 𝗣𝗮𝗰𝘁𝗶𝗰𝗲𝘀 𝘄𝗵𝗼 𝘂𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱 𝘁𝗵𝗲 𝘃𝗮𝗹𝘂𝗲 𝗼𝗳 𝗽𝗿𝗲𝘃𝗲𝘁𝘁𝗶𝗻𝗴 𝗮𝗱𝘃𝗶𝗰𝗲 and getting ahead of advice issues (before they walk out the door and cause breaches). Are a: - Responsible Manager, - Compliance Manager, or - Practice Principal? * Want to know more about Fourth Line? * Would you like a demo of how Fourth Line can complement your existing compliance framework? Please feel free to contact Fourth Line's CEO Joel Ronchi on: 0408 056 679 or joel.ronchi@fourth-line.com.au Dave Travers Simon Quirk Dan Hunter Mark Bland Tony McDonald Paul Rogan (FAICD) Angus Elliott ----------------------------------- #regtech #financialadvice #advicecompliance #qualityadvicereview
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JFSC FEEDBACK FROM CLASS G EXAMS The Jersey Financial Services Commission has published its feedback from examinations of Class G natural persons (aka NEDs). The JFSC identified findings re: · business risk assessments – directors were unable to provide a documented BRA which considered the financial crime risk associated with each of their directorships · ongoing monitoring - no ongoing monitoring undertaken in relation to the portfolio of directorships · suspicious activity reporting - no / inadequate documented policies or procedures · sanctions - no documented policies or procedures · record keeping – no testing of access to records or no distinction in retention periods for different types of documents · continuous professional development – failure to undertake the required amount of CPD or a lack of documentary evidence · insurance arrangements – no / inadequate PII in place and additional observations re customer acceptance, complaints and financial resources. Individuals acting as independent directors should consider the JFSC’s findings and examples of best practice against their own arrangements. Please don’t hesitate to contact Cyan if we can be of assistance. #JerseyCI #NED #financialservices
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Another beautiful August day and another progressive, forward-looking AFSL joins the Fourth Line Community - DP Wealth Advisory. Fourth Line would like to thank Andrew Wielandt, Melissa Humberdross, and the DP Wealth team for choosing Fourth Line as their quality advice partner. ** Why use Fourth Line? ** One word "prevet". Because Melissa and Andrew understand the power of prevet - it helps Responsible Managers and Licensee principals sleep at night and offers the ability to mitigate breach reporting issues before they occur. ** How did the DP Wealth choose Fourth Line? ** DP was introduced to Fourth Line by Brian Pollock and we'd like to acknowledge all the wonderful work he and the team do at The Principals' Community (TPC) with self-licensed practices. If you are self-licensed, or thinking about becoming self-licensed, I recommend you reach out to Brian for an initial chat to explore how TPC can help you. ** Would you like to know more about Fourth Line? ** If you are an AFSL or Advice Practice looking to get ahead of advice issues, please contact us at Fourth Line and join our 𝗰𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝘆 𝗼𝗳 𝟴𝟬+ 𝗗𝗲𝗮𝗹𝗲𝗿 𝗚𝗿𝗼𝘂𝗽𝘀, 𝗦𝗲𝗹𝗳-𝗹𝗶𝗰𝗲𝗻𝗰𝗲𝗱 𝗣𝗿𝗮𝗰𝘁𝗶𝗰𝗲𝘀, 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗮𝗻𝘁𝘀 𝗮𝗻𝗱 𝗶𝗻𝗱𝗶𝘃𝗶𝗱𝘂𝗮𝗹 𝗔𝗱𝘃𝗶𝗰𝗲 𝗣𝗮𝗰𝘁𝗶𝗰𝗲𝘀 𝘄𝗵𝗼 𝘂𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱 𝘁𝗵𝗲 𝘃𝗮𝗹𝘂𝗲 𝗼𝗳 𝗽𝗿𝗲𝘃𝗲𝘁𝘁𝗶𝗻𝗴 𝗮𝗱𝘃𝗶𝗰𝗲. Reach out for an obligation-free demo of how Fourth Line can complement your existing compliance framework, and avail of our complementary pilot program that includes a FREE assessment of 2 client files. Please feel free to contact Fourth Line's CEO Joel Ronchi on: 0408 056 679 or joel.ronchi@fourth-line.com.au David Travers Simon Quirk Dan Hunter Mark Bland Tony McDonald Paul Rogan (FAICD) Angus Elliott ----------------------------------- #regtech #financialadvice #advicecompliance #qualityadvicereview
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If you like to be super organised like me then an Obligations Register is essential for managing your legal and regulatory compliance obligations.
It’s easy to feel overwhelmed by the volume of legal and regulatory obligations which exist in the gambling industry and we expect this to increase during 2024. One way to help your organisation (whether large or small) stay abreast of relevant obligations is by having in place effective compliance frameworks, including an obligations register. An obligations register is a central repository that contains details of the legal and regulatory obligations that apply to your organisation (and the person or persons primarily responsible for ensuring compliance) including: * a summary of the business’s legal and regulatory obligations; * relevant cross-referencing to legislative, regulatory and other provisions; * the frequency of the obligations; * the obligation owner/s within the organisation and other interested parties; * internal policies and procedures; * reporting requirements, including to management and other key stakeholders; * penalties for non-compliance; * relevant risk ratings (as applicable); and * compliance status. Start the year by ensuring your organisation has an effective obligations register in place, which is embedded through policies and procedures. To discuss how an obligations register could help your organisation manage risk, speak with Senet’s legal, advisory and compliance experts. #obligationsregister #compliance #regulation #gamblinglaw Julian Hoskins Daniel Lovecek Alexandra Hoskins Breearna Ryan Kieran Goodall Alexander Norrish Adrian Hambleton Thomas Mangan Karen Barclay
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Integrity and effective complaints management in the Public Sector continues to be a major area of focus in Australia and internationally. Getting this right provides a significant opportunity to build trust and confidence with the community and employees alike. If you want to know more, please reach out info@gsamc.com.au #integrity #complaints #transformation #publicsector
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Regulation | Compliance | Financial Services | Asset and Wealth Management | Sustainable Finance | Financial Crime | Leadership and Collaboration | Innovation
The ADGM has published today a Consultation Paper on a proposed whistleblowing framework. This follows a collaborative effort from a number of staff across the FSRA, RA and other ADGM authorities. The Consultation Paper is open for feedback until 30 April 2024. We look forward to receiving feedback from our regulated community. #adgm #fsra #financialservices #regulations #investorprotection #whistleblowing
ADGM Publishes Consultation Paper on a Comprehensive Whistleblowing Framework
adgm.com
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The more you engage in best practices, the easier it is to have successful processes and production. Keep reading for advice from three MDRT members on the importance of maintaining a code of ethics in everything you do. 🌟 “Personally, I can feel it when someone sincerely cares about my situation through their listening, action, dialogue and sense of purpose. When we get ‘religious’ about our clients’ affairs and doing what is right by them, we naturally get excited, animated and focused in on them.” –MDRT member Derek J. Reed, CFP, CLU 🌟 “Our business rests a whole load of responsibility on us for our prospects and clients. We must take the time and effort to continue our learning and competency. We must do what’s right for them.” –MDRT member Kalyanam Venkatesh, BA, CFP 🌟 “Confidentiality is the heart and soul of my business. Every single employee, on the day they are hired, signs a confidentiality agreement. Our clients’ information cannot be shared with anyone, and they know if it is, they will be fired." –MDRT member Philip E. Harriman, CLU, ChFC Read the full article in the Academy 👉 https://bit.ly/4bzIuLd Apply to be a 2024 Academy member 👉 mdrtacademy.org #finance #financialservices #financialplanning #financialadvice #lifeinsurance #financialeducation #mdrt
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FATF publishes new guidance document In March 2024, the FATF published risk-based guidance to support the application of FATF Recommendation 25 on Beneficial Ownership and Transparency of Legal Arrangements. The document highlights the necessity for countries to assess risks associated with legal arrangements and enforce measures to ensure access to accurate and up-to-date information on beneficial owners, including settlors, trustees, protectors, beneficiaries, and those with ultimate control. The document can be accessed by clicking on the following link: https://lnkd.in/e7Z8bMFK and you can read our Senior Compliance Services Executive Michael Calleja's takeaways on this guidance here. https://lnkd.in/e-V_NX6q For a discussion on options available to facilitate your requirements, please contact maltainfo@aspidagroup.com in the first instance.
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Today we celebrate the publication of the 50th edition of ITIC's Claims Review with the first publication being released in 1993. I was also given the honour to be chosen to be featured in this special publication, as part of interview series. It was great to sit down and have a chat with Mark Brattman who is undoubtedly one of the most interesting people I have ever met. If anyone would like to know what my favourite part is in handling a claim skip to page 5. #shipping #shippingindustry
Welcome to this very special edition of ITIC’s Claims Review. This is the 50th edition, with the first ever publication being released back in 1993. Since 1993 a lot has changed, with claims getting more complex, frauds getting more sophisticated and technology playing an ever more prevalent role. However, traditional human error still remains at the core of most of the claims ITIC handles, with some of the mistakes that ITIC was helping members to deal with back in 1993 still happening today. There is a claim from the first ever edition of the Claims Review in this edition – see if you can spot which one it is. After all these years ITIC is still here supporting its members, whether by paying claims where an error or omission has been made, or in supporting the legal defence where an allegation has wrongfully been made against a member. In fact, since 1992 ITIC has paid out over US$ 500 million in claims and recovered over US$ 240 million in disbursements and commissions. We hope that you find this special edition interesting and informative. https://lnkd.in/dUwsaF3D #shipsandshipping #shippingindustry #maritime #professionalindemnity
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Impact-driven| Researcher (economy, re/insurance, sustainability and ESG) | Masters Candidate| x2 Cum laude Graduate
I am excited to share that I have successfully added another certificate to my name: the Regulatory Examination for Representatives in the Financial Services Sector. This achievement marks a significant milestone in my professional journey and skills to better serve clients according to the industry standards. #ProfessionalDevelopment #FinancialServices #RegulatoryExamination #CareerGrowth
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For Chambers and staff, Regulation and Compliance can be daunting but I can help make the process easier. If some guidance, advice or support is what you might be in need of, get in touch and see how I can help.
Last week The Bar Standards Board published their annual report, providing information on both policy developments and their day-to-day regulatory work. The BSB support high standards at the Bar, encouraging best practice whilst implementing enforcement policies and processes where required. However, it is very worrying that some Chambers are not fully compliant with BSB requirements. I understand, especially for those Chambers who don't have dedicated administration staff, how much work Regulation and Compliance can be and the difficulties involved, believe me - I've been there! Knowing which policies are needed, the roles that need to be filled, the information that needs to be on websites...the list goes on. Whilst I know it can be daunting, I can help make the process easier and not such an obstacle in the future. I can gauge the starting point, identify areas for improvement and help put together a tailored, realistic and achievable plan. If some guidance, advice or support is what your Chambers might be in need of, get in touch with me at Best Practice and see how I can help.
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