Problem
You are a compliance manager for a licensee that has 15 authorized representatives. You have just been notified that a complaint has been made against one of the authorized representatives by a former client. The representative works from a remote office and, on your last audit inspection visit nine months ago, you found that some of the representative's files were not in order.
The basic of the former client's complaint is that they believe they were not advised that their financial adviser would be charging ongoing fees from their portfolio.
You now plan to conduct an audit visit, without notice, at the representative's office.
What will you be looking for at the representative's office so you can prepare an initial response to the complainant?
Explain why each item is required.