Frequently Asked Questions

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Our expert team has compiled a range of practical insights and guidance on regulatory compliance, ethics, and anticipated changes, empowering you to make better informed decisions.

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What are the three different uses of AI in compliance and supervision?

ASIC’s regulatory approach means AFS licensees should distinguish three uses of AI in compliance and supervision: AI as a coverage...

Must complaints be acknowledged?

ASIC RG 271 expects complaints to be acknowledged promptly, generally within 24 hours or one business day after the AFS...

Do anonymous complaints have to be treated as complaints?

ASIC RG 271 treats anonymous complaints as complaints when they express dissatisfaction about an AFS licensee, adviser, product, service or...

Is a Google review a complaint?

ASIC RG 271 treats a Google review as a complaint when it expresses dissatisfaction about an AFS licensee, adviser, product,...

What is a complaint under ASIC RG 271?

ASIC RG 271 defines a complaint as an expression of dissatisfaction made to or about an AFS licensee, its products,...

Do social media comments count as complaints?

ASIC treats social media comments as complaints when they express dissatisfaction about a financial firm, product, service, staff member or...

Does supervising a corporate authorised representative mean the licensee can rely on the company to supervise its own advisers?

No. ASIC expects an AFS licensee’s supervision obligation to apply when a corporate authorised representative or its advisers provide financial...

Why does retail or wholesale client classification matter?

Under the Corporations Act, retail or wholesale client classification determines which consumer protection obligations apply to an AFS licensee. Correct...

Can a client’s classification as retail or wholesale change over time?

Under the Corporations Act, a client’s classification as retail or wholesale can change if the facts supporting the classification change...

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