Sophie Grace can conduct an analysis to review and report upon your business compliance with applicable key legal and regulatory obligations. Most AFSL and ACL holders conduct an external compliance review at least once every 12 months.
The review will cover your compliance documentation, procedures and processes to ensure that they meet regulatory requirements and your AFSL or ACL authorisations and conditions.
Sophie Grace will conduct the external compliance review at your office. Depending on the size of your organisation, this could take half a day or several days.
Suggested areas of external review are for ACL holders are listed below, however areas of focus can be tailored according to the requirements of your business.
- Breaches Register and Files;
- Client files during the period;
- Disclosure on advice;
- Credit Guides used during the period;
- Adviser recruitment files for any new representatives / authorised representatives – Police Checks, etc.;
- Credit Representatives – processes and procedures in place;
- Complaints Register and Files;
- FOS Membership Renewal;
- Advisor Training Files;
- Training Plans;
- Risk Management Program Annual review and testing of Disaster Recovery Program;
- Professional Indemnity insurance;
- Financial Adequacy requirements in line with ASIC’s Policy;
- Files for appointment of new Responsible Managers (if any);
- Credit Representative Training Plans and Registers;
- Due Diligence and Monitoring of external service providers; and
- Responsible Lending Conduct including hardship procedures.
If you would like to obtain further information or assistance, please contact Sophie Grace directly.