Licensee Compliance Manual and Responsible Manager Training
A licensee compliance manual documents how you will satisfy your general conduct obligations as a licensee. It provides guidance and support through policies, registers and checklists.
AFSL Compliance recognises that each licensee is different and that a compliance manual must be tailored to each practice. We take into consideration the size and complexity of your practice and the services that you provide. We then build compliance solutions to fit your practice.
This approach delivers better compliance outcomes and reduces compliance costs.
As well as providing the manual, we also provide a dedicated training session for your Responsible Manager/s. The session provides 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 as part of our Licence Application service).
Annual Licensee Review
The annual licensee review aims to provide practices with confidence that they are meeting the general conduct obligations which apply to all licensees. It is conducted at your office.
The annual licensee review covers the following areas:
- Licensee obligations
- Compliance Program
- ASIC reporting and lodgements
- Representatives – Appointment
- Representatives – CPD
- Representatives – Monitoring & Supervision
- Product research and approved products
- Breach management
- Risk management
- Conflicts of Interest management
- Complaint handling
- PI Insurance
- Marketing, education and identification material
- Service providers
- Financial resources
- IT & HR resources
- Responsible Managers
The review also includes a full update of the licensee compliance manual.
The annual licensee review is available from $3,500 plus GST for practices operating on the AFSL Compliance licensee manual.
Advice Processes & Documents
Many practices come from dealer groups which adopt a lowest common denominator approach to their advice process and documents. Advice outcomes may also be compromised by conflicts of interest at a dealer group level, limitations in the compliance capability of the dealer group and resource constraints.
This can lead to practices having to put up with cumbersome advice processes (eg client engagement, risk profiling and the safe harbour steps) and advice documents which are overly long and unlikely to be read by clients. Practices may also be restricted in the advice and services that they can provide (eg investment selection, wholesale client services).
This means there is significant opportunity for practices moving to their own licence to significantly improve their advice processes and documents. Practices should take advantage of this and seek to reduce their compliance risk, reduce their advice costs and improve their client outcomes.
AFSL Compliance works with practices to improve their advice processes and documents and to achieve these outcomes.
Client File and/or Advice Document Review Service
Licensees are responsible for the advice provided by their financial advisers. They must also take reasonable steps to ensure their financial advisers comply with the Corporations Act and the conditions of their licence.
To meet these obligations, practices will have advice processes and documents to assist their financial advisers in providing compliant advice. This will include financial planning software, advice document templates as well as resources such as CPD and product research.
The Client File Review supplements this adviser support to provide assurance that advisers are complying with their obligations when providing advice. It adds an experienced, independent and fresh set of eyes.