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Audit tools help advisers gauge RDR compliance

Consultancy firm Engage Partnership is offering a suite of audit tools for advisers to measure how RDR-compliant their businesses are.

The engage transparency index modelling tool benchmarks firms against best practice processes.

It measures a firm’s transparency on aspects such as charges, customer service and product suitability.

The audit process also looks at how client relationships are managed and the effic- iency of firms’ systems and control processes.

Advisers will be given a report which will make recommendations for stream- lining their business and increasing its efficiency and compliance.

Engage director Chris Davies says: “We see these specific areas as critical for all parties affected by the RDR changes.”

Baronworth Investment Services director Colin Jackson says: “I think this seems a bit premature. The FSA has ann-ounced it is holding RDR roadshows from April so one assumes there are still RDR rules we need to learn.

“Very large organisations will need something like this because they will have the resources to do the work themselves while one-man bands are likely to outsource their compliance.”

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Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. OK so every waking moment of my day is taken up with TCF, RDR, exams and compliance crap spewed out of the mouth of The Canary Wharf FSA (£20m bonus for failure) gravy train. Will all this “stuff” be on top of or instead of all this earlier verbage?

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