Disclaimers Checklist

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[…]

Service delivery during the COVID-19 pandemic

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[…]

All clients beware

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[…]

AFS Licensees – Why You Must Maintain Adequate Financial Resources

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[…]

Compliance Committee Meetings

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[…]

Whistleblower laws come into effect

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[…]