The Financial Adviser Standards and Ethics Authority (“FASEA”) have introduced new education, training and ethical standards for all financial advisers who provide personal advice on financial products to retail clients.
The new education standards from FASEA come into effect on 1 January 2019. New financial advisers will be required to obtain the equivalent of a bachelor’s degree. There are transitional requirements that will apply to existing financial advisers who are already listed on ASIC’s Financial Adviser’s Register.
Cowell Clarke’s Financial Services Practice are guiding our clients through this process.
Through our online AFSL compliance platform, we support our clients transitioning to the new FASEA standards such that the process has minimal impact on the conduct of the day-to-day business. We provide our clients with hands-on practical assistance by educating and advising them of their new FASEA obligations. We equip them with the necessary compliance documentation to ensure that the new FASEA standards are implemented effectively and efficiently.
The AFSL compliance platform is more than just an online solution. Sitting behind it are real people with real world experience delivering legal advice that is practical and commercial for financial service providers.
The financial services regime in Australia is complex and will continue evolve significantly, especially following the Royal Commission in the Banking, Superannuation and Financial Services Industry. The central task of the Royal Commission was to inquire into, and report on, whether any conduct of financial services entities amounted to misconduct - the straight answer was yes.
Since the Royal Commission, ASIC is exploring ways to flex its enforcement muscles and actively police the financial services market. This includes increasing the use of ASIC notices, examinations, desk top reviews of disclosure documents, e-surveillance, e-investigation and e-discovery for investigation and discovery of breaches. The increase of enforcement activities, and of regtech in compliance, will be strategic priorities for ASIC this year.
We have found the Cowell Clarke portal a very useful resource for our limited AFSL needs, it has acted as a central point for information and retention of our key documents. We have also found the Cowell Clarke AFSL team to be most supportive in our endeavours and always available to assist with queries.
We engaged Cowell Clarke to help us with our AFSL and Credit Licence Compliance obligations. We immediately found the Compliance Portal of great assistance when it comes to policies, registers, reminders and document storage.
Cowell Clarke provides us with a fully outsourced AFSL Compliance function. Utilising their specifically developed AFSL Compliance Portal and experienced staff they have effectively removed all AFSL compliance administration from our business whilst simultaneously ensuring we are appropriately managing compliance risk.
Philip Riquier, Director, Accord Property
To know that we have all of our AFSL ‘collateral’ in one place, in the right place and that it is current, gives us great comfort in meeting our obligations under the Act and to the regulator. I would highly recommend Cowell Clarke's services to any AFSL holder.
Edwards Marshall Advisory Pty Ltd