AFSL Compliance

Organisations that wish to provide financial products and services in Australia are generally required to have an Australian Financial Services Licence (AFSL) with the appropriate authorisations. The privilege of holding an AFSL comes with stringent regulatory compliance requirements.

As experienced AFSL compliance providers, we can assist organisations that hold AFSLs with their compliance requirements. The key areas that we can help with include:

Policies and Procedures Drafting

We can assist with the drafting of AFSL compliance policies and procedures, including but not limited to:

  • Appointment, Training, and Termination: Responsible Managers and Representatives
  • Conflict of interest management
  • Breaches and breach reporting
  • Risk management
  • Promotional material compliance review procedures
  • Staff trading policy
  • Dispute resolution
  • Outsourcing
  • Registers

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Ongoing AFSL Compliance Solutions

Whether you are looking for an alternative to the traditional in-house compliance function, or you would like to boost your compliance capacity without committing to the hiring and training of more permanent staff, we can design and deliver an AFSL compliance solution that is tailored to your very needs so you can focus on running your business.

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External AFSL Compliance Review

An external AFSL compliance review is a ‘health check’ for the organisation. The precise scope of an external AFSL review may differ depending on your particular requirements and any particular concerns that you wish to have addressed. It may involve careful evaluation of the policies and procedures against the regulatory requirements imposed on the licensee, and testing of the licensee’s implementation of and ongoing compliance with the policies and procedures, and an evaluation of the overall effectiveness of the compliance framework. We add value by identifying gaps and vulnerabilities in your compliance framework and offering practical recommendations that can help you close such gaps.

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Responsible Managers and AFSL Variations

A Responsible Manager (‘RM’) is a person that satisfies the knowledge and skills requirements under RG 105 to maintain the authorisation(s) granted to an AFSL holder. In other words, RMs are the individuals that allow a licensee to maintain the authorisations granted under its licence.

We may be able to assist you with RM management (such as nomination and termination), and AFSL variation applications (such as where one or more of your key persons is leaving the business, or where you wish to amend the authorisations granted under your AFSL).

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Our Promise

As your AFSL compliance professionals, our promise to you is that any solution we offer will be tailored to the particular circumstances of your business. No two licensees are the same. We look at everything when designing a solution for you, from the scope of your AFSL to the products and services you are authorised to provide, whether you deal with only wholesale clients or both wholesale and retail clients, your business volume, your human and financial resources, the strength and weaknesses of your team, the areas of compliance your team struggle with… everything.

To find out more about our tailored AFSL compliance services, click here to pencil in an obligation-free virtual coffee with our director and founder Xiaoshu Liu.