AFS licensees must comply with ongoing obligations, including acting efficiently, honestly and fairly, maintaining competence, managing conflicts of interest, and supervising representatives.
Expanded Answer
ASIC expects compliance systems to operate continuously. Obligations extend across conduct, competence, supervision, and risk management.
In practice, this requires structured frameworks for training, monitoring, breach reporting, and governance. Compliance must be demonstrable at any time.
Risk increases where systems are informal, poorly documented, or not embedded in day-to-day operations.
Why it matters
Ongoing failures are a key driver of ASIC surveillance and enforcement.
Practical guidance
- Implement structured compliance systems
- Monitor conduct and competence regularly
- Maintain clear records of oversight