Wright Compliance Management believes that compliance audits and reviews are opportunities for education and business improvement and staff training, rather than a policing exercise. All findings remain confidential and reported directly to the client only.
AFS Licence Review
This high level review incorporates the AFS Licensee general operating and compliance standards, to assist the Licensee in establishing the extent of their organisations compliance with the AFS Licence requirements and relevant professional standards. The review framework will address, as relevant to the AFS Licensee:
- AFSL requirements, authorisations and documentation;
- Compliance and risk management, monitoring and reporting;
- Privacy, TASA and AML/CTF obligations (as relevant);
- Complaints, compliance registers and record keeping;
- Adequacy of resources including financial, human, outsourcing and IT;
- Compliance manuals and standard documentation;
- Websites, marketing and promotional material;
- Recruitment, appointment, supervision and termination of representatives;
- Training of representatives and staff;
- Financial advisory procedures; and
- Industry code compliance.
A comprehensive report detailing the review framework, verifications, observations and recommendations is provided at the conclusion of an AFS Licence Review.
Documentation
A targeted review of the following key documents is available, with a written report and recommendations provided:
- Financial Services Guide Review;
- Privacy Policy Review;
- Professional Indemnity Policy Review;
- Website Review;
- Marketing and Promotional Material Review
- Statement of Advice Review; and
- Record of Advice Review.
Representatives
Representative Reviews may be scoped relevant to the business needs, however, will commonly address the following:
- Disclosure of identity and capacity;
- Registers and record keeping;
- Training and CPD requirements;
- Compliance and risk management reporting;
- Privacy, TASA and AML/CTF obligations;
- Websites, marketing and promotional material;
- Financial advisory conduct, procedures and disclosure documentation.
Client Files
Client file reviews may be scoped relevant to the business needs and will commonly address the following:
- Advisory process including data collection, needs analysis, advice investigation, formulation and presentation;
- Best interest duty and conflict remuneration provisions;
- Transacting business including advice implementation, arranging, payments and confirming transactions;
- Disclosures including Statement of Advice, Record of Advice, Financial Services Guide and Product Disclosure Statements;
- Client communications and record keeping.