In many cases, if not most, it is nearly impossible to verify an individual's entire experience as stated in their declaration, especially given the limitations of the Financial Adviser Register (FAR) which only came into force in March 2015. Insisting that licensees verify every detail of an adviser's experience not only adds unnecessary layers of work and cost but also perpetuates a culture of fear and overregulation.
The responsibility for truthful declarations should rest solely with the advisers themselves. If an adviser lies about their experience and is later found out, there are already sufficient mechanisms within the regulatory framework to address this misconduct.
Calls for additional compliance measures often seem more about creating work for the professional compliance industry rather than addressing real risks. The push for "zeroism" – a state of zero risk and zero errors – is unrealistic and counterproductive. Exaggerating fears about potential dishonesty only serves to complicate and burden the system further.
It's time to focus on practical, reasonable steps rather than succumbing to fear-driven demands for excessive regulation. Let's stop the nonsense and allow the system to function effectively without unnecessary impediments.