Assurance that your member facing representatives are complying with your Australian Financial Services (AFS) licence requirements.
Are you confident that your member facing representatives are complying with AFSL requirements?
Anyone providing financial product advice under an AFSL must satisfy ASIC’s training standards as set out in RG 146 Licensing: Training of Financial Product Advisers. ASIC requires that AFS Licensees implement policies and procedures to ensure that they and their advisers undertake continuing training to maintain and update the knowledge and skills that are appropriate for their activities.
The onus lays with the Licensee to determine that their representatives have not only initially attained their RG 146 compliance but have maintained their understanding of the skills and knowledge required of a person in a position of providing advice. As superannuation is a Tier 1 product, the standards required of advisers is indeed high.
ASFA’s AFSL Audits can provide funds and service providers with peace of mind and assist in determining whether representatives have a practical understanding of the difference between general and personal advice, as well as a working knowledge of relevant legislation and topical issues.
What’s covered in the audit?
Each AFSL Audit is conducted as a one-on-one interview between an adviser and a qualified ASFA assessor.
ASFA have pre-built technical interview templates which can be customised to a fund’s product or any other specific requirements. Interview questions cover the following topics:
- regulatory & licensing requirements
- provision of financial advice
- differences between factual information, general advice and personal advice
- current superannuation rates and thresholds
- conditions of release
- taxation of benefits
How audit interviews are conducted
Audit interviews can be conducted over the phone or in an online format via video conference.
What you’ll gain
Upon completion of the audit interviews ASFA will provide a written report on each adviser highlighting any knowledge gaps, as well as an overall report for management (if more than one interview conducted), detailing any issues or trends discovered during the interview process. These reports can be a useful tool for tailoring professional development for advisers.
How long will it take to complete
Each AFSL Audit interview will last between 45 minutes and one hour.
Pricing (including GST)
To discuss your AFSL Audit requirements and specific pricing please contact us.