As an AFS Licensee each must comply not only with the conditions of their Licence but with the Corporations Act 2001 as well as general obligations to ensure that financial services are provided efficiently, honestly and fairly whilst also operating a viable and successful business.
To assist Licensees and their representatives satisfy these requirements, Advice Compliance Consulting conducts bi-annual client file reviews as a minimum standard and more frequently by arrangement to ensure that procedures are being followed and to identify best practices and weaknesses.
Although Licensees already conduct advice reviews, there is no doubt that some Licensees may not have sufficient resources in place to properly undertake these reviews. Advice Compliance Consulting provides your business with that added external resource and comfort in knowing that your representatives are complying with their obligations when providing advice. We bring an experienced, objective and tailored review process with complete reporting and analysis of any non-compliance with legislation (potential high impact risk to the business and detection of any trends which may lead to increased customer complaints or inappropriate advice (high probability risk).
The review for each representative focuses on documentation and quality of advice and is based on 8 client file reviews per annum. A written report outlining observations and recommendations is provided for discussion and implementation.
The client file review service fee is $3,200.00 per adviser.
Tailored services specified by the Licensee can be accommodated as part of our Consulting Service. These may include:
- Initial risk assessment or review – an initial analysis to identify higher risk areas of the business and weaknesses in procedures.
- Assistance with setting up procedures – setting up and management of registers (Conflicts of Interest, Complaints, Breaches and Training and Competence).
- Remedial work – management, reporting and assistance with remediation of breaches in compliance requirements.
- AML/CTF obligations
- Specific projects of assignments.
The consultancy costs are determined by an hourly charge rate of $120.00 unless an alternative arrangement is agreed to.