What is AFSL Compliance?
Compliance Support 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.
What is a responsible manager Afsl?
Responsible Managers are the people that a licensee appoints to demonstrate to ASIC that it has the knowledge, skills and experience required to provide the financial services it is authorised to on its Australian Financial Services licence (AFSL).
How much does an Afsl cost?
FS01 Application for AFS Licence
| Form FS01 | ||
|---|---|---|
| Applicable Fees | FSL1A – Retail/Individual/Low complexity/Online | $2,233 |
| FSL1B – Retail/Individual/Low complexity/Paper | $3,349 | |
| FSL1C – Retail/Individual/High complexity/Online | $5,025 | |
| FSL1D – Retail/Individual/High complexity/Paper | $7,537 |
Who needs to hold an AFSL?
Chapter 7 of the Corporations Act 2001 (Cth) requires an entity to hold an AFSL if the entity carries on a business involving the provision of a financial service and/or a financial product. Financial services are defined in the Act as: Providing financial product advice (personal and/or general);
How do I get an Afsl?
How do I apply for an AFS Licence? Typically, the application process is through an online application where information about the applicant and proposed authorisations need to be provided. The applicant is required to attest that they have all of the systems and processes in place and is ready to commence business.
What is a key person Afsl?
‘Key person’ licence conditions If you are heavily dependent on the competence of one or two responsible managers (e.g. in a small organisation with one or two principals), we will generally impose a ‘key person’ condition on your AFS licence: see RG 105.93.
What qualifications do you need for an AFSL?
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.
How long does it take to get an AFSL?
Once you lodge your AFSL application and submit the required documents to ASIC, you will need to allow for somewhere in the vicinity of 5 to 8 months for the whole process to reach a conclusion. More complex applications take longer.
How much does an AFSL cost?
How do I get an AFSL?
How long does it take to get AFSL?
How do I check Afsl license?
The ASIC Connect Professional Registers will tell you if the company or person holds an AFS licence. You can also check ASIC Connect within the ‘organisation and business names search’ to see if a scheme is registered with ASIC.
Who is the owner of AFSL compliance Australia?
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. AFSL Compliance is owned and managed by Stewart Chandler, who is a Chartered Accountant with 20 years’ experience in financial planning and compliance.
What are the requirements to be an AFSL compliance officer?
The Compliance Officer should have the appropriate level of seniority and competence to complete this role. Track and record complaints – AFSL holders must have adequate internal dispute resolution procedures to ensure complaints are dealt with in a timely and efficient manner.
How much does it cost to comply with AFSL?
AFSL Compliance tailors the ongoing compliance support to match the requirements of each client. There is no ongoing monthly support fee and you can elect to take up services when you want them. Most are offered on a fixed fee basis. AFSL Compliance was established in 2010.
Do you need additional information for AFSL application?
At the beginning of 2019, ASIC reviewed its Australian Financial Services Licence ( AFSL) application process and as a result of this review, now requires all applicants to provide additional information in relation to their Responsible Officers.