Appropriate
AFSL
for
financial
planners
and
dealer
groups?
Care
must
be
taken
to
ensure
you
obtain
authorisations
for
all
products
and
services
in
which
you
advise
or
deal
with
clients.
Financial
product/service
delineations
and
boundaries
are
complex
and
it
is
easy
to
overlook
or
inaccurately
define
an
aspect
of
your
activities – advice
should
be
sought
to
ensure
you
seek
and
obtain
the
appropriate
authorisations,
as
there
are
serious
penalties
and
repercussions
for
operating
without
an
AFSL
or
without
the
correct
authorisations.
What
is
the
process
for
applying
for
an
AFSL?
1. Lodgement
of
the
electronic
application
on-line
with
ASIC
(hard
copy
and
proofs
to
be
lodged
within
20
days
of
finalising
on-line
application);
2. Nomination
of
appropriately
experienced
and
skilled
Responsible
Officers;
3. Lodgement
of
the
following
proofs
(together
with
supporting
documentation)
with
the
initial
application:
- A5
Business
Description
- People
proof
for
each
nominated
Responsible
Officer
(this
comprises
the
2
business
references,
police
check,
insolvency
check
and
the
Statement
of
Personal
Information)
- B1
Organisational
Expertise
Table
- B5
Financial
Resources
(together
with
financial
statements)
4. Lodgement
of
some
or
all
of
the
following
statements
(‘proofs’)
within
10
business
days
of
a
specific
request
by
ASIC,
together
with
supporting
documentation
(evidence,
policies
&
procedure
manual,
certain
disclosure
documentation
etc):
- B2
Development
Program
for
Responsible
Officers
- B2
Industry
Standards
Compliance
- B3
Compliance
Arrangements
- B3
Outsourcing
Statement
- B3
Conflicts
of
Interest
Arrangements
- B4
Program
for
monitoring,
supervision
and
training
of
Representatives
- B5
Human
Resources
Capacity
Statement
- B5
Information
Technology
Capacity
Statement
- B6
Dispute
Resolution
System
Statement
- B7
Risk
Management
System
Statement
- B8
Compensation
Capacity
Statement
- B9
Research
Statement
- C4
Derivatives
Statement
- C5
Foreign
Exchange
Operating
Statement
- C7
Life
Insurance
Capacity
Statement
5. Preparation
of
requisite
documentation,
including:
- Financial
Services
Guide
-
Client
Agreement;
and
-
Statement
of
Advice.
What
can
Block
Legal
&
Compliance
do
for
financial
planners/dealer
groups?
1. advise
you
regarding
ASIC
requirements
and
the
appropriate
authorisations
to
obtain;
2. project
manage
or
review
your
AFSL
Application
or
Variation;
3. draft
policies
and
procedures
(including
comprehensive
Compliance
Manual)
and/or
application
proofs;
4. liaise
with
ASIC
to
finalise
your
AFSL
application
or
variation;
5. provide
training
and
workshops
to
staff
and
Authorised
Representatives
regarding
the
process
and
applicable
legal/regulatory
requirements;
6. provide
specialised
assistance
in
key
areas
such
as
drafting
of
Authorised
Representative
agreements,
Client
Agreements
and
Statements
of
Advice;
7. review
and
advice
regarding
marketing
materials
and
website
disclosure;
8. provide
implementation
advice
and
guidance
once
AFSL
is
obtained;
9. assist
in
appointing
and
overseeing
Authorised
Representatives;
and
10. provide
ongoing
compliance
oversight
and
reviews,
and
training,
once
AFSL
has
been
granted/varied.
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