AdviserVoiceAustralian Financial Services Licensees Archives - AdviserVoice https://www.adviservoice.com.au/tag/australian-financial-services-licensees/ Financial planner information & financial planner education/CPD - AdviserVoice Thu, 11 Jun 2026 21:30:14 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 ASIC speeding up licensee complaints process https://www.adviservoice.com.au/2013/11/asic-speeding-licensee-complaints-process/ https://www.adviservoice.com.au/2013/11/asic-speeding-licensee-complaints-process/#respond Mon, 18 Nov 2013 20:55:11 +0000 https://adviservoice.com.au/?p=26654 Charmian Holmes

Charmian Holmes

Recent changes to Regulatory Guide 165 (RG165) mean Australian Financial Services Licensees (AFSL)s must now acknowledge client complaints immediately, regardless of the form in which they are given, and resolve problems in tighter, prescribed timeframes.

Charmian Holmes, solicitor director of The Fold Legal (The Fold) said it is that AFSLs need to adjust their current internal dispute resolution system for retail clients in order to comply with the new requirements. “ASIC has always expected complaints to be dealt with ‘genuinely, promptly, fairly and consistently’, however, they have changed the timeframes for dealing with complaints in order to encourage licensees to act with a sense of urgency.”

Ms Holmes said licensees shouldn’t be complacent about their current dispute resolution system, with key changes requiring a written acknowledgement of the client’s complaint be sent as soon as it is received. “The licensee can’t wait 24-48 hours to acknowledge the complaint, it must be immediate,” she said. “Licensees also cannot force the client to put a complaint in writing. If the current system does not comply with these requirements, the system has to be changed.”

If the complaint can be resolved within five business days of initial receipt, Ms Holmes said there is no need for full assessment and investigation except for hardship claims, declined insurance claims or disputes about the value of an insurance claim.

“The outcome and decision must be delivered to the client within 45 days of the initial complaint,” she said. “Licensees cannot extend this to take account of new information or information they can’t collect from the client, but they do have 90 days to respond to superannuation or traditional trustee services complaints.”

Ms Holmes said if licensees are unable to give a final response within the 45-day period, the client must be told the reasons for the delay and must be directed to an external dispute resolution scheme.

All licensees should check their Complaints Procedures to ensure the tighter new timeframes are incorporated in it and review their complaints handling processes to ensure the timeframes can be met. ‘An inadequate internal complaints system is a licence breach’, warned Ms Holmes.

The Fold’s AFS Licensee Manual contains a fully compliant complaints resolution process for small to medium sized licensees.

]]> Charmian Holmes

Charmian Holmes

Recent changes to Regulatory Guide 165 (RG165) mean Australian Financial Services Licensees (AFSL)s must now acknowledge client complaints immediately, regardless of the form in which they are given, and resolve problems in tighter, prescribed timeframes.

Charmian Holmes, solicitor director of The Fold Legal (The Fold) said it is that AFSLs need to adjust their current internal dispute resolution system for retail clients in order to comply with the new requirements. “ASIC has always expected complaints to be dealt with ‘genuinely, promptly, fairly and consistently’, however, they have changed the timeframes for dealing with complaints in order to encourage licensees to act with a sense of urgency.”

Ms Holmes said licensees shouldn’t be complacent about their current dispute resolution system, with key changes requiring a written acknowledgement of the client’s complaint be sent as soon as it is received. “The licensee can’t wait 24-48 hours to acknowledge the complaint, it must be immediate,” she said. “Licensees also cannot force the client to put a complaint in writing. If the current system does not comply with these requirements, the system has to be changed.”

If the complaint can be resolved within five business days of initial receipt, Ms Holmes said there is no need for full assessment and investigation except for hardship claims, declined insurance claims or disputes about the value of an insurance claim.

“The outcome and decision must be delivered to the client within 45 days of the initial complaint,” she said. “Licensees cannot extend this to take account of new information or information they can’t collect from the client, but they do have 90 days to respond to superannuation or traditional trustee services complaints.”

Ms Holmes said if licensees are unable to give a final response within the 45-day period, the client must be told the reasons for the delay and must be directed to an external dispute resolution scheme.

All licensees should check their Complaints Procedures to ensure the tighter new timeframes are incorporated in it and review their complaints handling processes to ensure the timeframes can be met. ‘An inadequate internal complaints system is a licence breach’, warned Ms Holmes.

The Fold’s AFS Licensee Manual contains a fully compliant complaints resolution process for small to medium sized licensees.

The post ASIC speeding up licensee complaints process appeared first on AdviserVoice.

]]> https://www.adviservoice.com.au/2013/11/asic-speeding-licensee-complaints-process/feed/ 0 Actuate: progressive AFSLs will reap rewards https://www.adviservoice.com.au/2013/11/actuate-progressive-afsls-will-reap-rewards/ https://www.adviservoice.com.au/2013/11/actuate-progressive-afsls-will-reap-rewards/#respond Wed, 13 Nov 2013 20:50:25 +0000 https://adviservoice.com.au/?p=26556 Dan Powell

Dan Powell

Despite ever-changing regulatory environments, Australians will always need financial advice and the future for Australian Financial Services Licensees (AFSLs) that are moving with the times is therefore bright, according to Dan Powell, Head of Actuate Alliance Services.

“The one constant in our evolving financial services industry is the demand for quality advice by Australians,” Mr Powell said. “To leverage that demand, progressive licensees and their advisers are embracing two mutually inclusive components: best advice and best practice.”

The industry has increased its focus on best advice at conferences and professional development days, according to Mr Powell, so the challenge now is to have deeper discussions on what ‘best practice’ should be at the adviser, practice and dealer group (AFSL) level.

“We believe there is a great future for single-office AFSLs that have a progressive approach,” he said. “By ‘progressive’ we mean placing clients at the forefront of their business, while developing efficient operating solutions that deliver on the service promise and embrace the post Future of Financial Advice (FoFA) reforms. These advice businesses, that design and deliver their service in line with best advice objectives, we believe will be successful in the new world.”

Mr Powell said that these progressive AFSLs are creating simple client service segments based on services, pricing and portfolio solutions. This enables advice businesses to grow their client base at a lower cost to clients, whilst improving practice EBIT.

“These businesses are actively reviewing their processes and outsourcing services and that will ultimately increase their client facing time from current levels of around 30 per cent to around 70 per cent – this will be good for their clients and good for business,” he said. “Businesses which move with the times will also be more attractive when the time comes to sell.”

However, AFSLs that have a back-to-the-past approach will struggle, according to Mr Powell. “There are some which, instead of moving with the times, choose to keep stagnant business models in order to minimise change. For example, having a singular focus to hold on to grandfathering arrangements will increase the complexity of an advice business and will eventually detract value,” he said. “In order to be profitable now and in the future, single-office AFSLs need to evolve their business model and constantly seek better systems and processes. Thankfully, there are now a variety of service providers offering various competitive solutions for AFSLs and adviser practices which they can leverage.”

Actuate Alliance Services, which leverages SFG infrastructure and IP, provides single-office AFSLs with business process solutions which ultimately translate to comprehensive overall practice efficiencies.

“These solutions enable single-office AFSLs to move to a progressive business model while keeping control and culture intact,” Mr Powell said.

]]> Dan Powell

Dan Powell

Despite ever-changing regulatory environments, Australians will always need financial advice and the future for Australian Financial Services Licensees (AFSLs) that are moving with the times is therefore bright, according to Dan Powell, Head of Actuate Alliance Services.

“The one constant in our evolving financial services industry is the demand for quality advice by Australians,” Mr Powell said. “To leverage that demand, progressive licensees and their advisers are embracing two mutually inclusive components: best advice and best practice.”

The industry has increased its focus on best advice at conferences and professional development days, according to Mr Powell, so the challenge now is to have deeper discussions on what ‘best practice’ should be at the adviser, practice and dealer group (AFSL) level.

“We believe there is a great future for single-office AFSLs that have a progressive approach,” he said. “By ‘progressive’ we mean placing clients at the forefront of their business, while developing efficient operating solutions that deliver on the service promise and embrace the post Future of Financial Advice (FoFA) reforms. These advice businesses, that design and deliver their service in line with best advice objectives, we believe will be successful in the new world.”

Mr Powell said that these progressive AFSLs are creating simple client service segments based on services, pricing and portfolio solutions. This enables advice businesses to grow their client base at a lower cost to clients, whilst improving practice EBIT.

“These businesses are actively reviewing their processes and outsourcing services and that will ultimately increase their client facing time from current levels of around 30 per cent to around 70 per cent – this will be good for their clients and good for business,” he said. “Businesses which move with the times will also be more attractive when the time comes to sell.”

However, AFSLs that have a back-to-the-past approach will struggle, according to Mr Powell. “There are some which, instead of moving with the times, choose to keep stagnant business models in order to minimise change. For example, having a singular focus to hold on to grandfathering arrangements will increase the complexity of an advice business and will eventually detract value,” he said. “In order to be profitable now and in the future, single-office AFSLs need to evolve their business model and constantly seek better systems and processes. Thankfully, there are now a variety of service providers offering various competitive solutions for AFSLs and adviser practices which they can leverage.”

Actuate Alliance Services, which leverages SFG infrastructure and IP, provides single-office AFSLs with business process solutions which ultimately translate to comprehensive overall practice efficiencies.

“These solutions enable single-office AFSLs to move to a progressive business model while keeping control and culture intact,” Mr Powell said.

The post Actuate: progressive AFSLs will reap rewards appeared first on AdviserVoice.

]]> https://www.adviservoice.com.au/2013/11/actuate-progressive-afsls-will-reap-rewards/feed/ 0