Record keeping requires diligence. Records may be stored in various ways, in hard copy or electronically either within the premises or offsite. Entities must keep records to comply with regulatory requirements administered by a range of regulators – the ATO, the OAIC, ASIC, AUSTRAC and other regulators.  The stored documents provide important evidence and information[…]

The AFSL application process for the ASIC Regulatory Portal has changed and is quite different from the previous, and now discontinued, ASIC Licensing Portal. As it can be time consuming if you are unprepared, here are some tips to make the process more efficient.  Before you start, be prepared to think, plan and make the application in a different way than you may[…]

Responsible managers (RMs) are the people that the licensee relies on to prove to ASIC that it can competently operate a financial services business.  They are required to make significant day-to-day decisions for the licensed operations and play an important role in ensuring that licensees operate in accordance with their obligations and regulatory requirements in[…]

Spectrum Wealth Advisers Pty Ltd (Spectrum), the holder of an AFS licence, was in the business of authorising representatives to provide financial planning advice to clients.  It also provided marketing and other support services and received a share of the fees charged by its representatives.  ASIC claims that Spectrum failed to diligently recruit, train, monitor[…]

Australian financial services licence (AFSL) holders must comply with the general licensing obligations under the Corporations Act, including: ensuring financial services are provided efficiently, honestly and fairly complying with licence conditions and financial services laws managing conflicts of interest ensuring that representatives comply with relevant licensing obligations and are adequately trained and competent maintaining competence[…]