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FAQ

What are common ASIC licence conditions for financial advice firms, and how can they comply?

Typical licence conditions include:

  • Maintaining adequate competence and resources (s912A);
  • Annual compliance attestation signed by RMs or directors;
  • Key Person requirements, ensuring that nominated key individuals remain actively engaged and that ASIC is notified of changes impacting continuity of control or management;
  • Minimum capital requirements, maintaining solvency and liquidity levels consistent with ASIC’s Regulatory Guide 166;
  • Notification obligations (changes to control, RMs, or authorised representatives);
  • Record-keeping (minimum seven years);
  • Breach reporting within 30 days of discovery (s912D).

ASIC’s Regulatory Guide 104 provides detailed expectations. Regular internal audits, file testing, and training help ensure compliance.

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