AFSL Compliance Reviews

A financial advice firm operating under an Australian Financial Services License (AFSL) provides comprehensive financial advice to its clients. As part of their regular financial advice process, the firm often conducts quarterly and annual compliance reviews of their financial advisers to ensure that all advice given is in compliance with industry regulations and standards.

During these reviews, the firm examines their clients' financial portfolios and assesses their overall financial situation. This includes analysing the performance of investments, assessing any risks, and identifying any potential areas for improvement. The firm then provides tailored advice and recommendations based on this analysis, taking into account each client's unique financial goals and circumstances.

In addition to providing advice and recommendations, the firm also conducts regular compliance checks to ensure that all financial advice given is in line with industry regulations and standards. This includes monitoring ongoing training and education for advisers, maintaining accurate records of all advice given, and ensuring that all communication with clients is clear, accurate, and transparent.

We provide AFSLs with a regular compliance review service using our workflow application, RemedioUX. We conduct the following activities which a financial advice firm under an AFSL may conduct as part of their regular compliance reviews to ensure that all financial advice given is in line with industry regulations and standards:

• Ensure that all advice provided is appropriate for the client's individual needs and circumstances. i.e. Quality of Advice Compliance Reviews

• Verify that all advisers are appropriately licensed and qualified to provide financial advice.

• Ensure that all advice given is in compliance with the firm's internal policies and procedures.

• Monitor and assess the performance of investments recommended to clients.

• Confirm that all fees and charges associated with advice given are fully disclosed and transparent.

• Review all documentation and records related to advice given to ensure that it is complete and accurate.

• Confirm that all communication with clients is clear, accurate, and transparent.

• Ensure that all advisers are up to date with ongoing training and education requirements.

• Conduct regular risk assessments to identify any potential areas of non-compliance or risk for the firm or its clients.

• Review and monitor all client complaints and disputes to ensure they are resolved appropriately and in line with industry regulations and standards.