Applications for new licences and licence variations to suit your business requirements and to enable you to sell new products and services. This includes Australian Financial Services and Credit licences.
Where organisations lack the necessary experience and competencies required by the regulators, we can recommend training courses, train current and new personnel and/or provide personnel for compliance and risk management roles to supplement existing team competencies. We also offer in-house training.
Assistance in developing and implementing strategies to deal with surveillance, investigations, licence hearings, appointment as external compliance consultants reporting to regulators under enforceable undertakings and expert reports for licence hearings.
Compliance frameworks, compliance plans, compliance audits and reports (internally or to regulators), agendas and minutes for compliance meetings.
Annual audit reports
Assistance with the preparation of information to enable external auditors to complete audit reports in a timely manner for lodgement with regulators.
Risk management implementation
Discussion and documentation of risks and risk management strategies with your teams and your management.
Preparation and due diligence of offer documents, review of advertising brochures, website material and supporting documents to enhance your reputation and to minimise the risk of misleading information being circulated.
Assistance with internal investigations and research leading to the development and implementation of internal remediation action and programs. Assistance and guidance with the implementation of regulator-initiated remediation demands.
Know Compliance helps clients to comply in a practical and cost efficient manner. To achieve success in your business, you need to have the necessary licence(s), the time and resources to be able to focus on what you do best – running your business. Let us help you with compliance, risk management and corporate governance matters, which is what we do best.
We have a team of highly qualified people who have worked for a diverse range of organisations including regulators ASIC and APRA, tertiary and training institutions, the ASX, stockbrokers, business information providers, retail and wholesale fund managers, custodians, insurance companies, venture funds, and issuers of fixed interest, debenture and mortgage loan products.
Since 1998 we have assisted a wide array of firms in the financial services and other industries to meet increasing levels of compliance and risk management. You can rely on our practical approach and knowledge as we have over 100 years of combined industry experience in assisting companies ranging from sole director companies to listed multinationals.
Our success comes from understanding our clients’ business operations and providing compliance support to a deadline and at a reasonable cost.
We listen to your needs
We aim to exceed your expectations
We take the extra steps to produce a satisfactory outcome for you
We tailor our services to meet your organisation’s unique requirements
Mei Ling Perry
M.Corp Law, B.Ec
Grad Dip. Invest and Fin
Grad. Dip. Applied Corp. Governance
B. Comm, CPA
Darryl Phyllip Benn
Dip Fin Services, Dip Fin Planning
B.Ec, RG 146 (ELC and IPI)
Le Ngoc Lam (Yen)
B. Business Accounting
BA, Prince2® and ITIL certified
Dip.Industrial Engineer (Assoc.)
When making disclaimers in information, marketing or promotional material about financial services products that will be circulated to the general public, be aware that regulatory policies and specific legal requirements apply. Regulatory Guide 234: Advertising financial products and services (including credit): Good practice guidance, issued by the Australian Securities and Investments Commission, is essential reading[…]
Until recently, AUSTRAC presented as a low profile regulator which, possibly, led to the perception that AML/CTF requirements presented a low regulatory risk. In recent times, however, AUSTRAC has wielded a big stick against 2 of the major banks. In 2018, the CBA was fined $702 million for breaches. (The fines could have been many[…]
During this time, all Know Compliance staff and management are working from their individual homes to comply with the social distancing measures. Each home workplace is equipped with a telephone, computer (PC and/or laptop), appropriate seating and is isolated from other home activities. Each home computer is password protected All have access to the[…]
Significant increase penalties for misleading statements in licence applications. Pursuant to Section 1308(8) of the Corporations Act a person must not, in connection with an application for an Australian financial services licence: make a statement that is false or misleading in a material particular knowing it to be false or misleading; omit to state any[…]
Australian Financial Services Licensees must comply with Section 912A(1)(d) Corporations Act – Financial Resources Requirements Holders of Australian financial services (AFS) licences must have sufficient financial resources at all times to provide their licensed financial services and to be able to carry out operational and regulatory compliance checking, monitoring and reporting. Section 912A(1)(d) states that[…]
Effective Minute Taking Effective and accurate minute taking is an important part of any Compliance Meeting. The regulator is likely request copies of compliance committee minutes when auditing a company or investigating a particular breach. Therefore the minutes should be prepared not as a personal record but as an accurate description of the issues discussed[…]
If there is a change in controlling entity of the AFS, the licensee is obliged to inform ASIC. The term controlling entity applies to both natural persons and companies. Control means: having voting power of more than 50% of voting shares, or directly or indirectly holding more than 50% of the issued share capital (this excludes[…]
New national Whistleblower laws came into effect from 1 July 2019. All public companies and large proprietary companies have until 1 January 2020 to put into place a written policy with respect to the protection of whistleblowers. A penalty of up to $12,600 may be applied for non-compliance. A large proprietary company is characterised by[…]
An allegation of unconscionable conduct in business dealings arises when a party to a contract says or does something that is so unreasonable that it defies good conscience. The Courts will intervene and potentially set aside a contract if at the time the contract was entered into there ought to have been matters “preying on[…]
On 28 October 2019, the full Federal Court, in the matter of ASIC v Westpac Securities (2019) FCAFC 187 handed down an important decision regarding the distinction between personal and general advice. Background In 2014 and 2015, Westpac engaged in a telephone campaign to encourage existing customers to roll-over their existing external superannuation into accounts[…]
The successful management of conflict of interests is a crucial part of any organisation. Conflicts of interest can arise between employees and their employers and representatives, and between an organisation and its customers. Conflicts of interest can arise even though there is no financial loss and regardless of the motivations of the people and companies[…]
Pursuant to the ASIC Act, ASIC has the ability to demand the production of documents in the following circumstances: in the performance of ASIC’s functions generally; to ensure compliance with the Corporations legislation; in relation to an alleged or suspected contravention of the law; and for the purpose of a formal investigation. The notice will[…]
A recent $1 million civil penalty imposed on a Melbourne-based financial advice firm should put the industry on notice regarding the perils of not fostering a strong compliance culture. In March 2017, the Federal Court declared that NSG Services (now Golden Financial Group) committed multiple breaches of the Corporations Act, including NOT taking reasonable steps[…]
Under the Corporations Act 2001, financial product advice is classified as either “general advice” and “personal advice”.1 Personal advice is financial product advice that is given or directed to a person (including by electronic means) in circumstances where: The provider of the advice has considered one or more of the person’s objectives, financial situation and[…]
As with the Fact Find document covered in Part 1 of this blog series, limited regulatory and legislative guidance is available regarding the use of file notes during the advice process. Every organisation should put in place a good document/file notes creation and retention policy and ensure that all representatives are properly trained. What is[…]
The Government has confirmed that it will introduce an industry funding (user pays) model for ASIC through a cost recovery levy, commencing 1 July 2017. What does this mean for licence holders? That there will be increased costs is definite, unless one decides to give up one’s licence. Many AFS Licensees hold authorisations on their[…]
ASIC, pursuant to Section 920A of the Corporations Act, banned the Responsible Managers of a Brisbane based company. The company was a registered training organisation that also held an AFS licence. The company was found to have made misleading and deceptive representations about the performance of a real investment portfolio. It was falsely claimed that[…]
There is no definition of a responsible manager in the Corporations Act. It is a term developed by ASIC. In ASIC Regulatory Guide 105 the term responsible manager is used to label the person nominated by a licence applicant for the purposes of meeting ASIC’s competencies for licensing. As noted in the Regulatory Guide the[…]
ASIC has issued a list of conduct and disclosure practices that it would like to see be adopted by participants within the sectors it regulates. For the financial services sector this list includes: acting professionally at all times avoiding or properly managing conflicts of interest treating investors fairly ensuring that disclosure[…]
In 2015, the amendments to the Corporations Act brought in the concept of a Financial Adviser. This means having to make additional notifications to ASIC in relation to the new Financial Adviser Register. Licensees have been required to notify ASIC and its predecessors of the appointment of their Authorised Representatives for over 20 years but[…]
Since the implementation of the Future of Financial Advice (“FOFA”) reforms in July 2013, many practices continue to grapple with the associated implications on their business. The first part in this blog series addresses one of the early stages of the client / adviser relationship: the fact finding process. Part 1: The Critical Importance of[…]
Recent Court decisions have confirmed that pursuant to Section 79 of the Corporations Act, ANY employee of a corporation (not just directors), can be liable for contraventions of the Act, if they have KNOWLEDGE of a contravention. Section 79 provides: CORPORATIONS ACT 2001 – SECT 79 Involvement in contraventions A person is involved in a[…]
The accountants’ licensing exemption (Regulation 7.1.29A) previously permitted a recognised accountant to recommend the establishment or winding-up of an interest in a SMSF without holding an Australian Financial Services (AFS) licence. This exemption was removed on 1 July 2016. ASIC has advised that as at 2 July it had issued 317 Limited AFS licenses to[…]
There are just 4 months of the licensing period remaining where recognised accountants can streamline to a limited AFS licence. The transition period of three years ends on 30 June 2016. Be warned that, as with previous transitional licensing processes, ASIC may publicly state that they will not be able to guarantee that applications will[…]
The accountants’ licensing exemption (Regulation 7.1.29A) currently permits a recognised accountant to recommend the establishment or winding up of an interest in a SMSF without holding an Australian Financial Services (AFS) licence. From 1 July 2016, the accountants’ exemption will be removed. This means that if you wish to continue to provide this advice to[…]
ASIC has expressed strong concerns that Australian Financial Services licensees have not been reporting correctly, or have been waiting too long to report, breaches or potential breaches and have therefore been in contravention of section 912D of the Corporations Act. ASIC has warned licensees that failing to report a significant breach could constitute a criminal[…]
Obtaining an Australian Financial Services Licence can be a challenge. Over the years I have observed that many applicants have been rejected or refused by ASIC, or find themselves struggling to comply after being licensed as they have not thought about the impact of the licence obligations. Below are some important questions that you should[…]
As of 1 July 2014, AFS licensees that are authorised to provide custodial or depository services have had to meet the new net tangible asset (NTA) requirements set out in ASIC class order [CO 13/761]. This is regardless of whether they actually provide such services. However, there appears to be some misconception that licensees only[…]
The accountants’ licensing exemption (Regulation 7.1.29A) currently permits a recognised accountant to recommend the establishment or winding up of an interest in a SMSF without holding an Australian Financial Services (AFS) licence. From 1 July 2016 the accountants’ exemption will be removed. This means that if you wish to continue to provide this advice to[…]
ASIC Regulatory Guides 133 and 166 and implications for Responsible Entities with third party custodians
We recommend that all Responsible Entities (REs) which use external custodians consider whether changes are required to the compliance plans of their registered managed investment schemes in the light of changes to the custodial requirements. This resulted from ASIC class orders [CO 13/761] and [CO 13/1409] which are explained in ASIC Regulatory Guides RG 133[…]
Be warned that ASIC’s strategic plan for 2014-15 will focus on financial advisers and responsible entities operating managed investment schemes. If you are licensed to give financial advice or operate a managed investment scheme, you may be surprised by a surveillance visit from ASIC. Usually, the main aim of an ASIC surveillance visit is to[…]
AML CTF COMPLIANCE Changes to the Anti-Money Laundering and Counter Terrorism Financing Rules Instrument 2007 (No.1) (AML Rules) became effective on 1 June 2014. and introduced new customer due diligence requirements, together with deadlines for complying with these new rules. 1 June 2014 – new customer due diligence requirements Key obligations under the new requirements[…]
Below are notes taken from a meeting at which time ASIC provided information on its activities in assessing participants in the financial services industry. These notes may be of interest to property and mortgage fund managers, platform operators and other holders of Australian financial services licences. 1. During the 2013/14 financial year, ASIC targeted 10[…]
Key Financial Obligations of Market Participants of Security Exchanges, including the Australian Securities Exchange (ASX) Market Participants are required to comply with either the financial requirements of the ASIC Market Integrity Rules or with the ASX’s financial requirements, if they are ASX clearing participants. In either case, similar requirements apply. Two of the areas of[…]
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