Non-compliance with financial services laws or AFSL conditions can mean suspension or cancellation of the licence.
When to consider new or updated policies
- For recently granted licensees.
- When existing documentation is outdated and has not been recently reviewed.
What the AFSL Manual typically covers
- Human resources and financial resources
- Representative appointment, training and termination
- Monitoring and supervision activities
- Conflicts of interest management
- Breach identification and reporting
- Risk management systems
- Promotional material management
- Client money handling
- Dispute resolution processes
- Outsourcing arrangements
- Record-keeping requirements
- Compensation arrangements
- Register maintenance
What is important is that your policies and procedures align with the nature, size and complexity of your business.