There can be significant time and cost savings to be achieved by having your application for an Australian Financial Services Licence (AFS Licence) professionally prepared. It is also likely to assist in avoiding unnecessary delays and requisition requests from ASIC.
Wright Compliance Management can assist in navigating this process and help shorten your time to market, by ensuring that all necessary information is provided to ASIC, in the required form and manner, to help them assess your application promptly.
As part of the AFS Licensing service, we will:
- Advise on the business and authorisation requirements in order to successfully obtain or vary an appropriate AFS licence;
- Facilitate the collation, preparation and lodgement of required information for the licence/variation application;
- Liaise with ASIC in respect to any application queries or additional information required; and
- If a Policy Library is selected, fully customise the required compliance documentation framework required to demonstrate compliance with general obligations as set out below, upon licence commencement and/or variation.
Additional related services that Wright Compliance Management can provide assistance with are:
- Removal of Key Person conditions
- Appointment, changes and removal of Responsible Managers
- Variations to licence authorisations and conditions
- Variety of ASIC lodgements and notifications including breach reporting, audit appointments, consents and removals, representative notifications and other AFS Licensee changes
Don’t hesitate to contact Wright Compliance Management to discuss about any AFS Licensing or ASIC submission queries that you may have.
General Obligations
All AFS Licence applications, irrespective of the type of financial services provided and to whom, will need to demonstrate to ASIC that the prospective Licensee has appropriate arrangements in place to address the following general obligations – relevant to the nature, size and complexity of their business:
- Compliance Arrangements and breach reporting
- Financial Requirements
- Supervision, monitoring and training of Representatives
- Human Resources
- Technological Resources
- Outsourcing Arrangements
- Organisational Competence
- Managing Conflicts of Interest
- Risk Management
- Dispute Resolution
- Research of financial products and providers
- Product Design and Distribution obligations
Wright Compliance Management has a comprehensive suite of documentation available to satisfy ASIC’s requirement for the AFS Licensee to have a documented policies and procedures that set out their approach to compliance with the ongoing general obligations applicable to all AFS Licensees.
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