The government, ASIC and industry bodies continue to refine legislation and raise the bar for licensees. It's no easy task staying up-todate with the constant change. As a licensee you know compliance plays an all-important role in protecting the strong reputation of your licence and brand. But are you keeping up with the changes?
Our solution
We can help ease the pressure. Our compliance experts interpret the impact of new legislation and regulation and then tell you in simple terms what we believe you may need to do to stay compliant. Our team of dedicated compliance managers can also review your client files and are on hand to help you with queries you may have.
In addition, our regular workshops are designed to demonstrate how compliance works in practice, with practical tips and explanations of how to build compliance practices in your business.
You'll also have access to our online compliance manual and tools, including template SoAs covering a range of advice scenarios. You can also adapt the online manual to suit your own policies and processes if required.
Foundation solutions include:
Standard online compliance manual
Our online compliance manual is developed to specifically meet the general needs of licensees and their advisers. Accessed online, it’s a useful guide to establishing compliance policies and procedures. Our online compliance manual is both a technical resource for you and a practical resource for your advisers. Information is grouped to help you easily find exactly what you’re looking for.
Compliance communications
We provide regular communications that keep you up-to-date with industry changes. We interpret and communicate the changes in an easy to understand and practical manner. We can also offer tools or templates aimed at making the change easier on your business.
Compliance induction for compliance manager
A one-on-one training session for your compliance manager. This training will make them aware of their main compliance responsibilities and what we believe they may need to do on a daily basis to make sure you meet your licensee obligations. We’ll show them how to use our compliance support tools to help them in this important role.
Licensee forums
Quarterly forums allow compliance and responsible managers to come together to discuss compliance developments and industry issues. In this forum, we’ll help you make sense of changes or compliance issues that may affect your business.
Technical compliance phone support
Our team currently provides support to more than 60 licensees throughout Australia. Your local compliance manager will bring all this experience and work in consultation with you to provide compliance solutions for your business.
Compliance collateral
A range of adviser publications that can be used to help support your business through the advice process.
Optional integrated solutions include:
Adviser review
The annual compliance review of six client files gives you peace of mind that your advisers are providing advice compliant with your policies and procedures.
Modifiable online compliance manual
Add your own business policies and procedures to our online compliance manual if they differ from the standard manual.
Assistance with compliance or responsible manager meetings
We’ll attend your offices and provide in-house compliance consultation on your specific business issues.
Complaints handling
We can guide and support an appropriate response to any complaints you receive from your clients.
ASIC and FPA support
Guidance and support when you need to respond to compliance-related enquiries from these industry bodies.
Licence application support
Assistance in managing your AFSL application or variations to ASIC.
Key business document and process review
Documents such as your Financial Services Guide, Data Collection, Risk Profiling and Statements of Advice or the equivalent documents can be reviewed as well as how they are used in your financial planning process. We will provide you with templates to help you prepare your key business documents and we’ll review these to assist in ensuring your compliance.
Technical licensee review
This review identifies your licence obligations and your current compliance arrangements to manage them:
- licensee governance
- training and supervision
- complaints handling
- product research
- breach reporting
- conflicts of interest
- financial requirements
- risk management
We will then consider the effectiveness of these compliance arrangements in meeting your obligations, making any recommendations in a comprehensive report.
Licensee Health Check
Licensees will value understanding any gaps and receiving a clearly documented prioritised action plan on how best to address any gaps.
Compliance induction training for advisers
A training session to educate your advisers on business-critical policies and procedures.