Financial Services
Compliance
Financial advisors face an increasing regulatory burden. The Corporations Act, Regulations and ASIC guidance are growing in size and complexity
From the detail needed in an SOA to the future of the best interests safe harbour, constant change makes it harder for financial advisors to do their job
We help financial advisors meet their ever-growing regulatory obligations
We provide practical advice setting out steps they can take to comply with their duties and meet their regulatory obligations.
Compliance Advice
We advise financial planners on how they can comply with their statutory duties and other obligations. We advise on the Corporations Act, any amendments to the act and on relevant case law and regulatory guidance
Best Interests
We advise financial advisors on what they need to do to ensure their advice is in their clients' best interests. We step them through the safe harbour requirements, considering case law and ASIC guidance
We help them scope the subject matter of the advice, when they are considering what further information is needed and the reasonable steps to take after the advice is given
License Obligations
We advise AFSLs on what they need to do to provide efficient, honest and fair financial services
We help them assess the adequacy of their financial, technology and human resources and what they need to do to make sure their reps are adequately trained
We advise them on their IDR scheme and other ASIC and license obligations
Other Obligations
We advise financial advisors on whether there is a conflict between their own interests and the interests of the client
When there is a conflict or a risk of a conflict, we advise them on the steps they can take to give priority to the client's interests
We also advise on what is required for an SOA or ROA to meet the appropriate advice requirements
Compliance Procedures
We review financial advisors' procedures to ensure they meet best interests duty and other obligations (whether under the Corporations Act or other laws)
We review AFSL policies and procedures to ensure compliance with general obligations and other statutory obligations
SOA Requirements
We review SOA drafting procedures to ensure that advice is in the client's best interests, is appropriate, and that enquiries are made when information supplied is incomplete or incorrect.
We advise on the identification of the objectives, financial situation and needs of the client and
ROAs and FSGs
We advise on the level of detail needed for ROAs to ensure they are a reasonable step following an SOA.
We advise on FSGs and what information needs to be included to ensure compliance.
Licensee Obligations
We help them assess the adequacy of their financial, technology and human resources and what they need to do to make sure their reps are adequately trained.
We advise them on their IDR scheme and other ASIC and licensing obligations.