ASIC does not prescribe a formal evidence pack for AFS licensees. However, prudent licensees maintain organised evidence of compliance before ASIC requests it, when providing financial services, supervising advisers, or managing incidents. The pack should show governance, supervision, advice quality, complaints, breaches, conflicts, training, remediation and recordkeeping. It is good governance, not a standalone ASIC requirement.
Expanded Answer
ASIC’s regulatory position is that an AFS licensee must comply with its licence obligations and be able to demonstrate how those obligations have been met. ASIC does not require a specific document called an “evidence pack”. The evidence pack is a practical governance tool that helps the licensee produce contemporaneous records during surveillance, a compulsory notice or another regulatory engagement.
A prudent evidence pack should include board or management minutes, compliance registers, risk assessments, monitoring plans, file review outcomes, breach assessments, complaints records, conflicts registers, adviser supervision records, training evidence, client file samples, remediation records and document retention controls.
Applies when:
- An AFS licensee provides financial services under its AFSL.
- The licensee supervises advisers, authorised representatives or outsourced functions.
- The licensee makes decisions about advice quality, breaches, complaints or client remediation.
A defensible evidence pack should include governance minutes, compliance registers, risk assessments, file review results, breach investigations, complaints data, adviser supervision records, training evidence, conflicts registers, client file samples, remediation records and document retention controls. ASIC scrutiny increases when records are incomplete, inconsistent, created after the event or unable to show who made a decision and why. Regulatory risk increases when records are incomplete, created after the event or unable to show who made a decision, why it was made and how the outcome was monitored. See How to respond to an ASIC notice.
Why it matters
A well-organised evidence pack helps a licensee respond quickly and consistently to ASIC. Poor evidence can make a compliant process look uncontrolled, increase disruption and expose gaps in supervision, breach management or client remediation.
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Practical guidance
- Map each AFSL obligation to a current evidence source.
- Test whether key records can be produced within ASIC response timeframes.
- Review evidence gaps after file reviews, complaints, breaches and adviser supervision.
Further reading
What does a defensible compliance framework look like for AFSL and credit licensees?
Preparing for a compliance review: key considerations
From samples to signals: a smarter approach to AFSL surveillance