Making Compliance Easy Compliance support you can trust. Is it time for your own licence?
Making Compliance Easy
Compliance support you can trust.
Is it time for your own licence?

Compliance Support

AFSL Compliance tailors the ongoing compliance support to match the requirements of each client.

There is no ongoing monthly support fee and you can elect to take up services when you want them. Most are offered on a fixed fee basis.

All clients that elect to receive an annual review will also receive our Compliance Update emails which keep you up to date with the latest compliance developments.

Licensee Compliance Manual and Responsible Manager Training

A licensee compliance manual documents how you intend to satisfy your general conduct obligations as a licensee. It provides guidance and support to your Responsible Managers.

AFSL Compliance recognises that each licensee is different and that a compliance manual must be tailored to your business.

We take into consideration the size and complexity of your business and the services that you provide. We then build compliance solutions to fit your business.

This approach reduces the cost of ongoing compliance and leads to more successful compliance outcomes.

As well as providing the manual, we also provide a dedicated training session for your Responsible Manager/s. The session will provide a walkthrough of the manual and an opportunity to ask questions and confirm understanding of the compliance arrangements that are being established.

The licensee compliance manual and the RM training session are available for $3,000 plus GST for single practice licensees. (They are included at no additional cost in our Licence Application service).

Annual Licensee Review

The annual licensee review aims to provide you with confidence you are meeting the general conduct obligations which apply to all licensees. It is conducted at your nominated office.

The annual licensee review covers the following areas:

  • Licence conditions and obligations
  • ASIC reporting and lodgements
  • Compliance Program
  • Responsible Managers
  • Representatives – Appointment & Training
  • Representatives – Monitoring & Supervision
  • Product research and approved products
  • Breach management
  • Risk management
  • Conflicts of Interest management
  • Complaint handling and PI Insurance
  • Marketing, education and identification material
  • Use of service providers
  • Financial resources
  • IT & HR resources

The review also includes an update of your AFSL Compliance licensee manual.

The annual licensee review is available from $4,000 plus GST for single practice licensees operating on the AFSL Compliance licensee manual.

Advice Processes & Documents

As a licensee you will have systems, workbooks, forms and policies to support and control the provision of the advice that you provide. You will also have advice document (SoA/RoA) templates.

Many practices which come from dealer groups have advice policies and tools which are suited to the lowest common denominator approach of the dealer group but not a practice operating under their own licence.

For example, they may have overly long SoA/RoA documents, cumbersome advice processes (eg risk profiling) or restrictions in the services that can be provided (eg limited MDA services, wholesale clients).

This means there is significant opportunity for practices moving to their own licence to significantly improve the efficiency of their advice processes and documents.

AFSL Compliance can review your existing arrangements or help you to build new SoA/RoA templates, workbooks, forms and policies to improve your practice efficiency.

Client File Review Service

Licensees are responsible for the advice provided by their representatives. They must ensure their representatives comply with the Corporations Act and the conditions of their licence.

To meet this obligation you will have advice processes and documents as well as resources such as product research and technical support to assist your representatives in providing compliant advice.

The Client File Review operates as part of your adviser support to provide assurance that your representatives are complying with their obligations when providing advice. It adds an experienced, independent and fresh set of eyes to your internal systems and resources.

The review for each representative is based on 3 client files and provides a written report with findings and recommendations.