Mid-Year Check-In: Is Your Business Reporting-Ready?
Reporting season is just around the corner, making now the perfect time to review your business processes and ensure you're set up for success.
Take a moment to check that:
Customer records are complete and up to date in your CRM/MyCRM
Key business policies are understood and embedded in your practice
Your compliance obligations are on track for the year
Three key areas to focus on are Complaints, Continuous Professional Development (CPD), and your Business Continuity Plan (BCP).
Complaints: Making it easy for clients to speak up
Make sure your Complaints Register is up to date with open/close dates, details, actions taken and the resolution.
The Financial Markets Authority (FMA) defines a complaint as:
"An expression of dissatisfaction made to you or a person engaged by you, relating to your financial advice service or complaints handling process, where a response or resolution is explicitly or implicitly expected."
Put simply, a complaint has three key elements:
An expression of dissatisfaction
Relating to your advice, service, or complaints process
A desire for a response or resolution
Complaints can come through any communication channel, including email, phone calls, websites, or social media.
Best Practice Tips
It must be easy for your clients to lodge complaints. Clearly display the process on your website and disclosures.
Follow your internal complaints process consistently and professionally.
Listen actively, acknowledge concerns, and communicate clearly throughout the process.
Avoid becoming defensive or making assumptions while investigating the matter.
One of the most common complaint types escalated to a Dispute Resolution Scheme (DRS) relates to adviser fees and clawbacks, so ensure any clawback clauses and fees are clearly disclosed.
Remember, many complaints can be avoided through clear communication and transparent expectations from the outset.
The "Always Learning" Mindset: Why it matters
Professional development isn't just a compliance requirement - it's essential to providing quality advice and delivering great client outcomes.
Why Continuous Professional Development (CPD) Matters
Continually developing your knowledge and skills helps you:
Act in your clients' best interests
Deliver suitable and current advice
Stay compliant with regulatory requirements
Adapt to changing products, technology, and client expectations
Improve communication and client relationships
Support business growth and development
Meeting Code Standard 9
Advisers must:
Plan learning activities at least annually
Complete learning progressively throughout the year
Continually develop competence, knowledge, and skills relevant to their advice
Maintain an up-to-date understanding of New Zealand's financial advice regulatory framework
Reviewing Your CPD Plan
Your CPD Plan should be a living document that evolves throughout the year.
Consider whether you need development in areas such as:
Product knowledge (insurance and/or lending)
Regulatory and compliance requirements
Risk management
Client relationship management
Technology and systems
Business development
Communication and other soft skills
👉 NZFSG's training calendar provides a wide range of learning opportunities to support your development goals.
Keeping Your CPD Register Current
As you complete learning activities, ensure your CPD Register is updated with:
Date completed
Course or webinar name
Provider
Hours completed
Notes on key learnings
Don't forget to upload supporting evidence such as certificates, agendas, or attendance records.
Dust off your Business Continuity Plan (BCP)
Every FAP must maintain a Business Continuity Plan that is appropriate for the size and complexity of their business.
A strong BCP helps ensure you can continue supporting clients and operating effectively if your business experiences disruption.
Key risks to consider
When reviewing your plan, think about:
Geographical risks
Flooding
Earthquakes
Fires
Other local events
Key person risk
Would your business continue operating if a key staff member was unexpectedly unavailable?
Do you need a locum arrangement in place?
Access to information
Can critical client records be accessed remotely if required?
Do staff know where to find essential resources during an emergency?
Technology and cyber events
How would your business operate if email, systems, or internet access were unavailable?
Don't set and forget
A BCP should be regularly reviewed, tested, and updated.
Best practice includes:
Training staff on their responsibilities during a disruption
Reviewing communication plans and escalation processes
Updating the plan whenever staffing or business arrangements change
Testing scenarios annually
Examples of BCP testing include:
Communication tree exercises
Working remotely due to office closures
Temporary loss of email or key systems
Testing locum or backup adviser arrangements
Participating in emergency and evacuation drills
👉 The easiest place to start is with the NZFSG BCP template. Review each section, tailor it to your business, and ensure it remains fit for purpose - available in MyHub.
A little time invested now can save significant effort later. Use this mid-year check-in as an opportunity to strengthen your processes, reduce risk, and ensure you're well prepared for reporting season.
We are here to provide all the support you need
Operate with confidence by utilising the NZFSG Assurance Programme. We offer an extensive range of compliance support, including coaching, training, specialised tools, and resources designed for your business. Please reach out to us to find out more.
