Congratulations!

 

You have reached a strategic growth decision and milestone where you have decided to invest the time, effort and money to obtain or have obtained a Australian Financial Services License (AFSL).

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Licensee owners have a keen focus on growing their capabilities to better service their highly valued clients.  Every successful business owner within financial services knows or should know that maintaining an AFSL requires meeting numerous obligations which can be overwhelming. The continued success and value of your business depends on ensuring that you have the right quality and level of controls, processes and procedures in place and we're here to help you do just that in a cost-effective and commercially pragmatic way.

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How difficult is it to manage risk and compliance?

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Not that difficult, especially when you partner with a trusted compliance consultant. However, risk and compliance is time consuming and requires exceptional attention to detail, but since you asked, a few things that are non-negotiable's as part of having an AFSL include:

 

1. Maintaining regulatory knowledge

2. Risk and Compliance committee meetings

3. Licensee and Adviser reviews

4. Creating legal documentation that can include Authorised Representative agreements and various disclosure documents such as Financial services guides (FSG's).

5. Licensee obligations -

   • Risk Management​​​

   • Compliance

   • Maintenance of your representatives register

   • Professional standards

   • Adequate resources

   • Conflicts of interest (COI)

   • Gifts and entertainment register (G&E)

   • Etc, etc.

 

Risk and compliance is incredibly important and getting it right matters but why not consider outsourcing with confidence your risk and compliance support and invest that extra time on building your book, processes, value proposition and good will.