Cowell Clarke Connect

Australian Financial Services License (AFSL) Compliance

Are you in the hot seat? Would an audit by the regulator find you are complying with your obligations as an Australian financial services licensee? Findings from the Royal Commission......

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in the second hearing focused on financial advice and the conduct of those providing financial advice to consumers. It is clear that the financial institutions and organisations giving evidence at the Royal Commission have not been complying with their obligations as a licensee including the obligation to treat customers fairly, honestly and efficiently.

Complying with your AFSL obligations is the essential part of your financial services business. Cowell Clarke‘s financial services team has extensive expertise in financial services law. We provide a full range of legal and regulatory services to Australian financial services license (AFSL) holders and authorised representatives to assist them in ensuring that they are meeting their ongoing compliance obligations.

Our services include:

  • Acting as regulator liaison.
  • Providing forensic compliance and governance reviews in the style undertaken by regulators (ASIC, ACCC, AUSTRAC, APRA and the OAIC) on all aspects of your financial services business.
  • Advising board on best practice corporate governance (such as director’s duties, risk appetite and risk management policy as well as conflict of interest management).
  • Providing specialist legal advice in relation to corporate and business mergers, acquisition, and restructuring in the context of a regulated financial services business.
  • Drafting agreements and disclosure documents.
  • Providing advertising sign-off for websites and promotional materials.
  • Advising on practical tips for managing your AFSL compliance risks.
  • Obtaining licences and varying authorisations or conditions of the licences.  
  • Assisting with your day-to-day AFSL compliance issues.
  • Providing an online AFSL compliance solution to centralise and simplify your ongoing AFSL compliance obligations.

How Cowell Clarke can help you and enhance and protect the reputational and financial value of your business.

Online efficiency with personal support.

Cowell Clarke’s online AFSL compliance solution is a secure web portal that acts as a central access and management tool to help you stay on top of and monitor your AFSL compliance obligations.

Our annual subscription includes:

  • Portal reminders of tasks to be completed to ensure ongoing AFSL compliance.
  • Regular news feeds of relevant financial services updates and regulatory changes within the financial services industry.
  • Storage and use of the regulatory registers you are required to maintain for ensuring ongoing AFSL compliance.
  • A comprehensive suite of policies and procedures for you to implement in your financial services business.
  • A range of templates which you can access at any time including legal documents required by the regulators such as ASIC, AUSTRAC and the OAIC, and other commercial documents.
  • Exclusive invitations to Cowell Clarke CPD seminars.
  • Quarterly compliance meetings chaired and minuted by members of Cowell Clarke’s financial services team.
  • A helpdesk to obtain general legal advice in relation to your licence authorisations and AFSL compliance issues.
  • Video guides, FAQs, webinars checklists and manuals which provide guidance on giving advice and all of the above.

Subscriptions are tailored to suit the small businesses to large national firms, from accounting firms with a limited AFSL authorisations through to firms with full AFSL authorisations.

Cowell Clarke's online AFSL compliance portal is managed by a legal team specialising in financial services law and regulation.  Click here for more information on our specialist team and their experience.

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