The problem
Compliance file reviews are the kind of work that nobody enjoys but everybody needs to do properly. Whether you are preparing for an internal audit, an FCA visit, or simply closing out a case, the review process is the same: go through the file, check every document against a checklist, note any gaps, and decide what needs addressing.
The problem is that this is slow, repetitive, and requires sustained concentration. A single file review can take 30 to 45 minutes. If you are reviewing ten files before a quarterly audit, that is nearly a full working day.
There is also a consistency problem. When you review files quickly, you tend to miss the same types of gaps every time. The checklist exists to prevent this, but when you are tired or under pressure, things slip through.
The risk is not just regulatory. Gaps in advice files can expose the firm to professional indemnity claims. A robust file review process is your first line of defence.
The system
Step 1: Build your compliance checklist in Notion (Notion AI)
Create a Notion database with your firm's compliance requirements. If you do not already have a comprehensive checklist, use Notion AI to help you build one:
"I am an IFA in the UK regulated by the FCA. Help me create a comprehensive compliance checklist for a pension advice file. Include all the key documents and disclosures required, the information that must be evidenced in the file, and the suitability requirements that must be demonstrated."
Refine the output to match your firm's specific requirements and T&Cs. This becomes your master checklist.
Step 2: Create a file summary document
Before running the AI review, prepare a summary of what is in the file. List every document present and make brief notes on the key advice points. This does not need to be long — a structured bullet list works well.
This step is important because you cannot paste client data directly into Claude. Work with summaries and anonymised versions.
Step 3: Run the compliance check (Claude)
Paste your file summary and your compliance checklist into Claude with this prompt:
"You are a compliance reviewer for a UK financial advice firm regulated by the FCA. I am going to give you a summary of an advice file and a compliance checklist. Your job is to identify any gaps between what should be in the file and what my summary suggests is present. For each gap, tell me: what is missing, why it matters from a compliance perspective, and what I should do to address it. Be specific and practical. Do not identify things as missing if there is no clear evidence either way — flag those as 'needs verification' instead.
Compliance checklist: [paste checklist]
File summary: [paste your file summary]"
Step 4: Generate a remediation action list (Claude)
Follow up with:
"Based on the gaps you identified, create a numbered action list with priority levels (urgent, important, minor). For urgent and important items, suggest specific wording or documentation that would address the gap."
Use this action list to brief the adviser or paraplanner responsible for closing out the file.
The results
Before: 35 to 45 minutes per file review, with a checklist completion rate that varied depending on how rushed the reviewer was.
After: 15 minutes to prepare the file summary, 5 minutes running the Claude review, 10 minutes reviewing the output and creating actions. Total: 30 minutes, but with a more thorough and consistent result.
More importantly, the reviews catch more. The AI does not get tired, does not skip sections because it already reviewed ten files today, and always applies the full checklist. One compliance officer using this system found it consistently surfaced one or two gaps that their manual reviews had missed.
The workflow does not replace your compliance judgement. It amplifies it.