How should an AFSL manage regulatory change?
An AFSL should manage regulatory change end to end: identify and assess the change, allocate ownership, update affected obligations and controls, implement it, train affected people, test adoption and retain evidence. This supports the continuing s 912A obligations. [complyᵉ] can connect the change to ownership, controls and attestations. Expanded Answer An AFS licensee must keep […]
What registers should an AFSL maintain?
No single prescribed list of registers applies to every AFSL. The required registers depend on the licensee’s business, services and risks, but should usually cover breaches, complaints, conflicts, risks, adviser supervision, training, incidents, outsourcing, remediation, obligations and compliance actions. [complyᵉ] can centralise these records so ownership, evidence and escalation remain visible. Expanded Answer ASIC does […]
What should an AFSL compliance calendar contain?
An AFSL compliance calendar should convert recurring obligations into scheduled, owned and evidenced activities. It should cover lodgements, review cycles, attestations, training, monitoring, reporting and remediation deadlines, with clear ownership and escalation. [complyᵉ] can link recurring activities to accountable owners and evidence rather than relying on a standalone diary. Expanded Answer An AFS licensee must […]
What should an AFSL obligations register contain?
An AFSL obligations register should map each applicable obligation to its source, accountable owner, controls, evidence, review cycle and reporting pathway. It should be a live compliance control, not a static list of legislation. [complyᵉ] can connect obligations to controls, ownership and attestations so the register supports ongoing governance. Expanded Answer An AFS licensee must […]
How should an AFSL oversee outsourced service providers?
An AFSL should oversee outsourced service providers in proportion to the materiality and risk of the outsourced function. The licensee remains accountable under s 912A and should perform due diligence, set clear contractual and reporting requirements, monitor performance and incidents, escalate problems and test assurance. Assured Support’s outsourcing guidance focuses on evidence that the arrangement […]
Can an AFSL outsource its compliance function?
Yes. An AFS licensee can outsource compliance activities and expertise, but it can’t outsource its statutory accountability under s 912A. The licensee remains responsible for governance, supervision, decisions, reporting, and remediation, even when external consultants, reviewers, or technology providers perform the work. Assured Support can operate as an external compliance and assurance resource while accountability […]
How often should an AFSL compliance framework be reviewed?
ASIC doesn’t prescribe a fixed frequency for reviewing an AFSL compliance framework. The obligation under s 912A is continuous, so the framework should be reviewed on a documented periodic cycle and whenever regulatory change, business change, incidents, complaints, breaches, audit findings or adviser-risk signals indicate it may no longer be adequate or effective. Assured Support […]
What should an independent AFSL Review cover?
An independent AFSL Review should test whether the licensee’s compliance framework is appropriately designed, implemented and operating effectively under s 912A. It should provide objective assurance over governance, supervision, controls and evidence, rather than merely confirm that policies and registers exist. Assured Support’s AFSL Reviews are structured around that evidence-based distinction between documented arrangements and […]
What is the difference between an AFSL Review and an AFSL Health Check?
An AFSL Review and an AFSL Health Check serve different assurance purposes. An AFSL Review is a formal, evidence-based assessment of design, implementation and operating effectiveness. An AFSL Health Check is a lighter diagnostic that assesses the design, currency and apparent suitability of the framework, identifies gaps and priorities, but does not provide the same […]
What does organisational competence mean for an AFSL?
Organisational competence means an AFS licensee has the people, knowledge, skills and arrangements needed to provide its authorised financial services competently. ASIC assesses this under RG 105, usually through appropriately skilled Responsible Managers supported by governance, supervision and compliance systems. Assured Support helps licensees test whether that competence remains aligned to their actual authorisations and […]