Australian Financial Services Licence (AFSL) Compliance

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 licence (AFSL) holders and authorised representatives to assist them in ensuring that they are meeting their ongoing compliance obligations.

Our AFSL Compliance Portal digital solution includes:

• Portal reminders of tasks to be completed to ensure ongoing AFSL compliance.

• Storage and use of the regulatory registers you are required to maintain for ensuring ongoing AFSL compliance.

• Central storage and version history of you AFSL-related compliance documents.

• 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 our financial services lawyers.

• A HelpDesk to obtain general legal advice in relation to your licence authorisations and AFSL compliance issues.

• Regular news feeds of relevant financial services updates and regulatory changes within the financial services industry.

• Guides, FAQs, 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 servicing retail or wholesale clients, and non-cash payment providers.

Cowell Clarke's online AFSL compliance portal is managed by a legal team specialising in financial services law and regulation. To find out more and get started, please get in touch.

We have specific models for:

Financial Advisers

We have experience providing legal support to financial advisers with retail clients that have the benefit of consumer protection under Chapter 7 of the Corporations Act 2001 (Cth). We provide tailored legal advice and ongoing compliance support.

Fund Managers

We provide commercial legal and compliance support to fund managers which run various investment schemes with obligations under the constitutional document and other applicable law.

Non-Cash Payment providers

Depending on the type of service you provide, payments providers may need to either hold an Australian Financial Services License (AFSL) or be appropriately authorised under one. Under the Corporations Act a facility through which a person can make non-cash payments amounts to a financial product requiring you to hold an AFSL and comply with Chapter 7 of the Corporations Act 2001 (Cth). We provide tailored legal advice and ongoing compliance support for AFSL’s and fintech’s thinking of entering the e-payments space.

Bespoke packages

We can also tailor our offerings to suit your requirements. Please contact us to discuss what’s possible.

Other compliance services our Financial Services Team can provide, 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.

• Providing an online AFSL compliance solution to centralise and simplify your ongoing AFSL compliance obligations.

Find out more

Click here for more information on our specialist team and their experience.