MLC gets FRSA licence approval

National Australia Bank-ownedMLChas been has been granted 13 Australian Financial Services (AFS) Licenses by theAustralian Securities and Investments Commission(ASIC) ahead of next March’s Financial Services Reform (FSR) regime.

The 13 licenses are operational as of today and cover the wealth management group’s retail investments, advice solutions (formerly distribution), corporate solutions, asset management and wealth protection divisions.

Head of advice solutions Matt Lawler says the new FSR regime is in line with an MLC strategic decision, taken more than three years ago, to move to a quality advice business model.

“The changes through FSRA reinforce our commitment to deliver quality financial advice to our customers and will raise the bar across the industry,” Lawler says.

“In addition to the changes required under FSRA, we have implemented mandatory quality advice standards and all of our advisers are required to obtain a Diploma of Financial Services, which is above the minimum industry education standard of PS 146.”

MLC has in excess of 1,500 financial advisers licensed through its aligned and salaried channels, which includeNational Australia Financial Planning,Godfrey Pembroke,Garvan/MLC Financial PlanningandApogee Financial Planning.

“The changes brought about by FSRA will improve the way the financial services industry operates by establishing a uniform set of standards and increasing the professionalism of the entire industry,” Lawler adds.