The Australian Financial Services Licence is also known as AFSL or AFS License used for conducting financial services business in Australia. This is a very popular and essential license mainly issued by the Australian Securities Investments Commission or ASIC. If you are planning to run your financial services business in Australia, you should have an AFS License authorisation. In this article, we are going to share with you basic things to consider about Australian Financial Services Licence.
Why AFS Licence Is Essential?
As we know, the Australian Financial Services Licence is generally essential for conducting Australia’s financial services business. So, it mainly authorizes any person for
1. Establishing the market for any financial item
2. Delivering financial product advice
3. Dealing with all kinds of financial products
4. Giving traditional services
5. Operating the schemes (Registered)
6. Delivering the custodial service
Financial items generally include a number of things like bonds, shares, managed investment schemes, life insurance, derivatives, general insurance, margin lending facilities, and superannuation. As a representative of an AFS licensee, you should select for providing financial services.
How Does Compliance Consulting Organization Work With AFSL?
Many reputable and professionals compliance consulting organizations in Australia assist a company that can hold the Australian Financial Services Licence with the AFSL compliance. Let’s take a closer look at the following areas that a compliance consulting organization generally helps. They are
Procedure And Policy Drafting: A reputable compliance consulting organization in Australia can assist with the AFSL compliance procedures and policies including,
1. Appointment, training & termination: representatives & responsible managers
2. Conflict of interest management
3. Promotional material
4. Risk management
5. Breach reporting
7. Stuff trading policy or STP
8. Dispute resolution
9. Registers (breach register, complaints registers, training register, etc)
Ongoing AFSL solutions: Whether you are searching for a great alternative to an in-house compliance program or want to extend compliance capacity without hiring and training the permanent staff, a compliance organization will provide an ongoing AFS Licence solution which can fulfill all your needs as well as you can easily run a business. Common examples are role-based training, AFSL compliance registers assistance, staff compliance inductions, Reporting to the director board & compliance committee, AFSL policy reviews & updates, monthly and quarterly compliance meetings, external compliance review, Representative’s supervision & monitoring.
Hope, you have understood the basic things about the Australian Financial Services License or AFS license. This license is extremely essential. It is always required to maintain every detail on the ASIC register. Without having an authorized AFS Licence, any kind of financial advice can’t be delivered by a company or an individual.