ASIC releases one more for the dummies
Having established that the Australian Financial Services (AFS) licence application process is simply too hard for your average financial planner, theAustralian Securities and Investments Commission(ASIC) has released a guidance paper on the topic.
“This guide is designed to assist financial advisers and simplify their application process, in order to reduce the number of incorrect applications currently being submitted to ASIC,” ASIC director of financial services licensing and business operations Pauline Vamos says.
“We are concerned about the high rejection level for applications at pre-lodgement assessment. If the authorisations and process selected are correct and supporting documents are lodged on time, applicants should have their application accepted first time,” she says.
The guidance paper follows a step-by-step process allowing planners to easily identify which authorisation type or types they require.
Addressing each question in the first part of the application individually, the guide suggests answers for the various types of advisers.
ASIC points out that the guide does not replace the licensing kit, which must still be read before applicants complete their application. The guidance paper is a supplement to this.
“Many financial advisers are selecting the wrong assessment process for their applications, as well as selecting an incorrect number of financial services and products relating to their work,” Vamos says.
Recommended for you
Large wealth management players are increasingly taking an opportunistic approach to their M&A deals rather than a strategic one, while a fear of missing out is driving smaller players to consider selling up.
More than $2 billion in investment activity was recorded for Australian fintech firms last year, according to KPMG, with the GDG/Lonsec acquisition proving to be a notable deal in the second half.
Praemium has stated it is seeking accretive acquisition opportunities in the area of non-custodial solutions where it believes it can further grow its dominant market share.
Iress chief executive Marcus Price has shared how he is seeing “massive tailwinds” in financial advice in Australia, with the firm turning its attention to digital advice following the completion of its transformation project.
