What is Afsl compliance?
AFSL Compliance was established in 2010. We provide support to financial planning practices which hold their own Australian Financial Services licence or are looking to obtain their own licence.
Who can hold an Afsl?
Following statutory changes in 2016, accountants are legally required to hold an AFSL to provide any financial advice, particularly for dealings of self-managed superannuation funds such as the common provision of an investment strategy template.
How do I get an Australian financial service license?
To be eligible for this licence you must:
- meet approved qualification and competency standards and / or have practical experience.
- have sufficient financial resources to carry on the proposed business.
- be able to meet certain obligations as a licensee such as training, compliance, insurance and dispute resolution.
What is rg175?
Issued 15 June 2021. This guide is for persons who provide financial product advice to retail clients, and their professional advisers (such as lawyers).
How do I become RG146 compliant?
You have up to 12 weeks to complete the learning and assessment requirements for your Tier 1 RG146 Course. You have up to 8 weeks to complete the learning and assessment requirements for your Tier 2 RG146 Course. Experienced professionals can complete in less time.
How much does it cost to get an AFSL?
In our experience, applying for a new AFSL costs between $10,000 – $60,000 depending on its complexity. That doesn’t include getting all the legal documents in order, but if you buy a new business, you’ll want to review its legal documents anyway.
Do I need a licence to lend money in Australia?
If you engage in credit activities you will generally need to have an Australian credit licence (unless you are exempt or authorised to engage in those activities as a representative of a credit licensee). Credit activity includes: providing credit under a credit contract or consumer lease.
Do you need an AFSL for wholesale clients?
“I only deal with wholesale clients, so I don’t need an AFS licence.” If you are in the business of providing financial services, even just to wholesale clients, then you need an AFS licence unless an exemption applies.
Who can give financial advice in Australia?
Financial advice must only be provided by qualified and licensed financial advisers or financial counsellors, not by individuals or corporations who neither hold an AFS licence, nor are authorised representatives of an AFS licensee.
When must a FSG be provided?
If you give financial product advice to retail clients, you must provide a Financial Services Guide (FSG). The FSG is designed to provide clients with enough information to decide whether to obtain financial advice (or any other financial service) from you.
What is required in an SOA?
If you give personal financial advice to retail clients, you must provide a Statement of Advice (SOA). The SOA, among other financial advice disclosure obligations, aims to ensure that your clients receive good quality advice and are able to make informed decisions.
How long does it take to do RG146?
Course length Learners have six months to complete ASFA’s RG 146 Superannuation course. Those with prior superannuation industry experience may complete the course in less time. The estimated time commitment for the whole course is approximately 20 hours (including self-directed study time).
What is the NTA requirement under RG 166?
RG 166.330 The NTA requirement provides a financial buffer that decreases the risk of a disorderly or non-compliant wind-up if your business fails. The required minimum amount of NTA reflects the contemporary costs of administering the type of financial services business carried on by retail OTC derivative issuers.
What is a client for the purposes of RG 166?
For the purposes of RG 166.76, a client includes a person who acquires or disposes of financ ial products in a transaction that you entered into at a price you stated in the course of making a market. RG 166.78 The ASLF requirement does not apply to you if:
What discounts are available under RG 166?
For RG 166.104(a) and RG 166.104(b), discounts apply against the value of current assets: (a) used in calculating adjusted assets; (b) of any trust (other than a registered scheme) of which the licensee is a trustee (see RG 166.100(f)(ii)); (c) that are deducted under RG 166.100(c); (d)
Is RG 166 141 (B) an eligible provider?
RG 166.141(b) is not an eligible provider for responsible entities, IDPS operators or custodians : see RG 166.169–RG 166.170. REGULATORY GUIDE 166: Licensing: Financial requirements © Australian Securities andInvestments Commission September 2017 Page