At Mercury we always endeavour to save you time, money and get you to do your business without the burden of menial administration tasks. Thus, we are embarking on a paperless compliance drive. Along with our compliance officers we embarking on a mission to streamline our and soon your compliance procedures on all policies that mercury administrates. Our first focus point is the record of advice or RoA for short.
The RoA includes important material aspects of a financial product which highlights the client expectations and ensuring the product is in line with the clients’ needs and wants. In order to comply with legislation all brokers must provide evidence that they have practiced treating customers fairly and considered the best option for their client at all times. A detailed audit trail will ensure that you have managed a client’s expectations in terms of building a relationship, managing expectations and demonstrates your expertise and knowledge. The FSCA requires is that there is evidence of a RoA for each and every client.
Should the FSCA & insurers require evidence from Mercury we will need to provide this to them. We don’t want to bog you down asking for it each and every time, thus we want to make it part of our new business process. At the moment we will upload the documents for you to our internal systems where you have the capability to view these documents. We will be rolling out this new feature to you in the coming weeks. Should an issue ever arise we can handle as much of it as possible on your behalf and you won’t have to be queried for each and every item.
We can also assist in the drafting of a Record of Advice for your brokerage. If you want to make use of this service please contact your relationship manager.Posted on