Financial Services

Who needs AFSL? – Conducting financial services business requires an Australian Financial Services Licence (AFSL). Financial products include stocks, bonds, pensions, managed investment plan equity, life insurance, general insurance, derivatives, and margin trading.

 

We provide the following financial services:

 

  • Provide custody or deposit services, such as hosting financial products or beneficial interests in financial products for customers;
  • Provide traditional trustee company services, such as preparing for estate management functions;
  • Provide crowdfunding services;
  • Provide pension trustee services;
  • Provide claims services, or;
  • Operating the business of corporate collective investment vehicles and handling their affairs (CCIV);
  • You can also choose to provide financial services as an authorized representative of the AFS licensee;
  • INP has years of experience to help you improve your business model and provide recommendations that are suitable for your business.

 

How to obtain AFSL?

 

ASIC evaluates the application for an AFS licence as part of its role as a regulatory authority for the financial services industry. When evaluating your application, ASIC will consider whether you:

 

  • Having the ability to carry out the financial services business specified in the application;
  • Having sufficient financial resources to carry out the proposed business, and;
  • Able to fulfil other obligations of AFS licensees (such as training, compliance, insurance, and dispute resolution).

 

INP has extensive experience in this field, and we can guide you in obtaining AFSL.

 

How to maintain AFSL?

 

AFS licence holders are obligated to:

 

  • Conduct and disclosure;
  • Provide financial services;
  • Responsible for the abilities, knowledge, and skills of managers;
  • Training and skills of your financial advisor and authorized representative;
  • Ensure that your financial advisors and authorized representatives comply with financial services laws;
  • Compliance, management of conflicts of interest and risk management;
  • Are your financial, technical, and human resources sufficient, and;
  • Your dispute resolution and compensation arrangements (if your clients include retail clients).

 

You must use the AFS licence holder portal and authorized representative portal to notify ASIC of any changes to your AFS licence in order to fulfil various compliance obligations.

 

Financial obligations:

 

The enhanced financial obligations apply to AFS licensees after changes in net tangible assets and the preparation of cash flow forecasting requirements. AFS licence holders affected by these changes include:

 

  • Responsible entity;
  • Company directors of collective investment vehicles of the company; (CCIV)
  • Investor oriented portfolio service operators;
  • Hosting or hosting service providers (including accompanying hosting service providers);
  • Managed companies that provide traditional services;
  • The issuer of margin trading and securities lending business;
  • Foreign exchange traders, and;
  • Retail OTC derivative issuer.

 

As an AFS licensee, you must have sufficient risk management systems. The licensee shall not use the ASIC logo or otherwise declare or imply that ASIC recognizes the licensee or its products and services. INP collaborates with many clients and experts in the AFS field. INP can help your company meet all compliance requirements.

Book with your local INP office and arrange for a 30-minute free consultation.