FSCA and FIC inspections are becoming more frequent and more structured.
For many advice practices, the real pressure isn’t compliance itself but being audit-ready at any moment.
As part of our ongoing effort to share practical insights and support the advice profession, we recently hosted two atFICA webinars with Harmse Brokers and Masthead.
One message came through clearly.
Audit readiness is not something you prepare for. It’s something you practise daily.
What happens during an inspection
From real audit experiences and recent FSCA inspections, the process is consistent:
- A full client list is requested
- Files are sampled
- Your RMCP is reviewed
- Risk ratings and due diligence are tested
Preparation time is limited and your systems will either support you or expose gaps.
What regulators are really looking for
Across both sessions, the focus areas were clear:
A living RMCP
Your RMCP must reflect your actual business processes and align with your business risk assessment, not sit as a generic template.
Proof of screening and monitoring
Auditors want to see:
- When clients were screened
- Ongoing TFS rescreening
- Clear risk ratings
- Documented due diligence
If you cannot produce this quickly, it becomes a problem.
Accessible client records
File sampling is detailed and often extensive.
Inspectors expect organised, complete records that support what your RMCP says is happening.
Where most practices fall short
A consistent theme from Masthead was this:
It’s not the documents that fail audits, it’s the processes.
Common challenges include:
- RMCPs that don’t reflect real workflows
- Historic compliance gaps that were never addressed
- Manual processes that make evidence difficult to retrieve
- Inconsistent monitoring and training
These gaps are often only discovered when an audit is already underway, when time is limited and pressure is high.
The shift to structured compliance
One of the biggest shifts we’re seeing in the profession is the move from reactive compliance to structured, system-driven processes.
When your RMCP, systems and daily workflows are aligned, it becomes far easier to:
- Maintain consistent screening and monitoring
- Keep documentation up to date and accessible
- Produce clear audit trails
- Respond confidently during inspections
This is where many practices are finding value in embedding compliance directly into their CRM, and where tools like atFICA, integrated within atWORK, can support by aligning screening, risk assessment and due diligence with their RMCP, while creating a clear, consistent audit trail.
Final thought
Don’t wait for the call.
Align your RMCP, ensure your screening is active, and build processes your team understands and follows.
Because audit readiness isn’t about reacting well, it’s about running a structured, defensible and confident advice practice every day.
To explore these insights further, watch the Masthead conversation from our recent webinar.
