Compliance | Complimentary Advisor Practice Review

If you have not already gone thru an Advisor Practice Review (APR) with a carrier you are contracted with and would like to test your practice to see if it could pass an APR, or regulator audit, IDC WIN Compliance is now pleased to offer complementary advisor practice reviews.

APRs are known as the “friendly audits” or dress rehearsal audits that mimic more formal and consequential regulatory audits. APRs afford you the opportunity to learn about any compliance gaps that may exist in your practice and provide you with tools and guidance to remedy those gaps. This way, if you are selected for audit by your provincial insurance regulator, you will be better equipped to pass that audit.

On this topic of audits, FSRA (Financial Service Regulatory Authority of Ontario) is designing a new Business Practice Advisor Compliance Questionnaire (BPACQ) for launch in 2025/2026. This will be an online, electronic compliance questionnaire that could conceivably be administered to hundreds, or even thousands, of licensees across Ontario. Other provincial regulators may follow suit. Making sure your practice utilizes sound compliance tools and practices, can not only help you pass compliance audits, but will also help you prevent, respond to, and defend against, client complaints.

To volunteer for a complimentary APR by the IDC WIN Compliance team, please email us at compliance@idcwin.ca

IDC WIN COMPLIANCE