Need help with financial planning? Or need someone to support you through this process? Worry not. There are various places you can get help from. They help financial planning services who hold their AFSL licence and even those looking forward to getting their own licence.
AFSL – Australian Financial Services Licence
It is an important legal license provided by the Australian Securities and Investments Commission, which enables the activities of Australian financial services businesses.
The owners of the afsl compliance provide really good financial advice and strategies on the financial products their clients must invest in or buy. They operate a scheme that is registered and recommend you the same.
Who Needs An AFSL?
If you want to carry a business that involves providing financial services and financial products, it is mandatory for you to hold an AFSL. This includes financial product advice as well.
The Importance Of AFSL Compliance
- It serves as one of the most needed documents that allows you and your representatives to provide financial services.
- You must own legal afsl compliance to advise or recommend your clients on financial services and help them in the process.
- It also includes security and interests that are managed by investment schemes.
- Helps you provide rating services to clients and partners.
- Helps you cover the depository or custodial service as well.
- With the licence, you can help them by recommending which financial products are best to purchase.
How To Get An AFSL
- To apply for this, the applicant must make sure to put in their reason to provide financial services.
- One must have enough connections and resources to provide advice on the proposed business.
- Obligations such as training, insurance and dispute resolution must be provided as the applications are considered fairly based on these categories.
- The application process is usually done online.
- The information about the applicant and the proposed authorisation information has to be provided.
- The applicant must be ready with all their systems and processes in place to commence business.
- It is necessary to upload adequate proof of the financial resources you possess to support the validity of your application.
- The information given must be complete and accurate, which upholds its reliability and helps speed up the assessment process.
Points To Remember
An AFSL provides an overview of the entire process, which assists you in the preparation of the core documents that support it, and other additional documents that are needed.
- The design of the procedure must get in line with the ASIC’s expectations.
- Make sure it fits the structure and the activities of your business in financial services.
- The licence holder by law is required to implement an array of compliance measures.
- It is necessary to know the length of the process of assessment. It takes up to 2 weeks for the process to come to an end.
- It is not advisable to provide unlicensed services. It will make your process very long and tiring.
- Once you get it done, you are allowed to provide financial advice and services under the issued license.
The applicant must make sure that the key documentations are sent and have an appropriate structure and a reliable number of managers depending on its complexity.
The structure helps you be more competent and prove to the ASIC that your business has a good motive and trusted staff who possess the needed experience and qualification to provide financial services with excellence to the clients and consumers. Once your AFSL is ready, you must submit it to the ASIC to be finalised.
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