Q&A with Karty Mayne from Rosewill Consulting
We had the pleasure of talking to Karty Mayne, Director and Compliance Consultant at Rosewill consulting.
What services does Rosewill Consulting provide?
Rosewill Consulting was set up with a mission to make compliance sexy! If we don’t think it is who will!
We provide Licensing and Compliance Services for financial services businesses. We also conduct independent audits and compliance reviews and provide specialist training. We have an online compliance and training system that has an extensive library of up-to-date professional development material.
What do you see as areas of focus in 2024?
Here are my top three…
Newly licensed entities, such as Financial Advice Providers, Head Groups and other types of licensees will need to have a strong focus on implementation. Being regulated requires creating a workplan and delivering on it. Initial policies and procedures may have design flaws or not be sufficiently robust so this is an important time to make those key adjustments.
On a wider scale, the world is facing ongoing increases in the nature and volume of cyber-attacks. Regulators such as the FMA have published a lot of guidance on this but from our experience regulated entities still need a lot of help in this area.
The pace of regulatory change hasn’t slowed up at all. 2024 will introduce new obligations such as additional AML/CFT Regulation, Conduct Licensing, Deposit Takers Act and the review of the Insurance contract law to name a few. Plus, the Coalition government will surely be adding to this list.
Can you tell us a little bit about yourself and why you decided to start up Rosewill Consulting?
I was initially sceptical about moving into a risk and compliance role. However, I quickly learnt the importance of the role and the value it can add across an organisation. My time as a Regulator was an apprenticeship into all aspects of issues within financial services and gave me a broad insight to the challenges of all businesses, large and small. When I left, I wanted to share back what I had learnt to help strengthen the industry and provide a plain English perspective on governance, risk and compliance.
What area of compliance do you think Financial Advice Providers (FAPs) need the most help with? Do you see any changes to this with the new government coming in?
From our experience, most FAPs and their advisers still don’t really know the extent of their new regulatory obligations. I expect that the FMA will start to publish guidance to assist FAPs with implementation and help them mature their approach to complying with the regime. The Conduct Licensing is a great addition for New Zealand as it helps us lift our game for product providers and is great for consumers. Hopefully, the government has other priorities and lets the industry get on with meeting the fair conduct principles.
Could you tell us a bit about what your compliance and governance courses cover?
Over the last few years, we have been running course and coaching new Compliance Officers. Often the person has been thrown in the deep end and needs to have both the theoretical and practical understanding of their role. This year we added a focus on oversight and ran practical governance and compliance courses. The blend of running both together means that the business owners/directors can work through responsibilities with their compliance person and come with clear workplan for 2024.
What is one thing you wish someone had told you when you were younger?
To follow your passion and back yourself. I always knew that I wanted to run my own business and now wish I had got underway sooner. In saying that, I have loved every company I have worked for and each has taught me so much. It’s always the people around you who make the difference.
What’s the last book you read?
I just finished “Resurrection Walk” by Michael Connelly. It is part of a series about the characters of the Lincoln Lawyer Mickey Haller and Detective Harry Bosch. These books are now series on Netflix and so I had a resurgence of interest in reading the latest books! Easy holiday reading!
Disclosure: Quality Product Research Limited has used the services of Rosewill Consulting Limited and found them to be excellent.
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