AFSL Compliance

We assist organisations that hold Australian Financial Services Licences (AFSLs) with their AFSL 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
  • Staff trading policy
  • Dispute resolution
  • Outsourcing
  • Registers (eg training register, complaints registers, breach register etc)

Ongoing AFSL Compliance Solutions

Whether you are looking for an alternative to the traditional in-house compliance function, or you would like to extend 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. Examples include:

  • Staff compliance inductions, refreshers and further roles-based training
  • Representatives monitoring and supervision, and reporting to the Compliance Committee and/or the Board of Directors
  • Monthly or quarterly compliance meetings
  • AFSL compliance policy review and updates
  • Liaison with regulators
  • Assisting with the maintenance of AFSL compliance registers
  • External AFSL Compliance Review

Licensees should consider having an external AFSL compliance review conducted on a regular basis, for example, every 12 months or every 2 years. The desirable frequency depends on a number of factors such as the products and services provided by the licensee, the amount of regulatory changes that have taken place since the previous review and the impact of such changes on the business, the size of the licensee’s operations and the financial resources that can reasonably be made available to such a project.

An external AFSL compliance review is a ‘health check’ for the organisation. It involves careful evaluation of the policies and procedures against the regulatory requirements imposed on the licensee, and testing of the licensee’s level of compliance with such documents. We add value by identifying gaps and vulnerabilities in your compliance regime and offering practical recommendations that can help you close such gaps or materially reduce your regulatory exposure.

Our Promise

Our promise to you is that any AFSL compliance 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.