An ASIC surveillance review involves a detailed assessment of a licensee’s advice files, governance frameworks, and compliance systems to determine whether regulatory obligations are being met in practice.
ASIC will usually focus on:
- Advice file quality and best interest duty
- Evidence of supervision and monitoring
- Breach identification and reporting processes
- Alignment between documented processes and actual practice
Common failure points:
- Files that do not support the advice given
- Governance frameworks that are not evidenced
- Inconsistent application of compliance processes
Practical implication:
Most adverse findings arise from gaps between what a firm says it does and what its records demonstrate.
What this means in practice:
Most issues arise from gaps between what firms say they do and what their records actually show. Get specialist advice before responding to an ASIC Notice.