Financial Reporting Changes for AFS Licensees

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New reporting requirements now apply to AFS licensees for financial years commencing 1 July 2021. What are the new financial requirements? AFS licensees previously relying on special purpose financial statements

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Responsible Managers in a nutshell

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Having the right Responsible Managers is important to maintaining and managing a financial services business, but who are the right people to be your Responsible Managers. Who is a Responsible

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More than a synonym – what is a fit and proper person?

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The ‘fit and proper’ person test previously only applied to credit licensees – but now it applies to AFS licensees as well. The change is bigger than it looks Previously

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Five reasons ASIC will reject your licence application

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ASIC rejects 30% of AFS licence applications and 24% of credit licence applications. In this article, we explain why it rejects applications and give you tips on how to avoid

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Can’t get mandatory PI cover? Here’s what to do

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Some financial services and credit licence applications are being delayed because licensees simply cannot buy professional indemnity (PI) insurance. We outline what to do if this is happening to you.

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Changes to ASIC licensing

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At a liaison meeting between ASIC and professional licensing consultants in March this year, we were warned not to expect a return to the good ol’ days of 2 month

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Recruitment choices can affect your compliance

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Employing someone with a conviction or bankruptcy can jeopardise compliance with an Australian Financial Services (AFS) licensee’s obligations. ASIC can ban any person it considers to not be of ‘good

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3 tips to write an SOA your clients want to read

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Most clients don’t read Statements of Advice (SoA) because they are far too long. This renders them ineffective and exposes advisers to the risk that their client may not understand

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New tough approach to licensing

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ASIC is now taking a tougher approach on AFS and ACL licence applications – they’re refusing to accept applications for lodgement if they don’t contain all the required material and

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Financial Advice Register: Time is running

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Sonia Cruz Individuals who provide personal advice to retail clients about financial products have until 30 May 2015 to update their details on ASIC’s Financial Adviser Register in order to

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