Do you need assistance with your financial planning? Or do you need someone to assist you during this process? Don’t be worried. There are a variety of sites where you may get assistance. They assist with financial planning services that have their AFSL licences and those who are in the process of obtaining their own licences.

AFSL: Australian Financial Services Licence.

The Australian Securities and Investments Commission issues a necessary legal licence to Australian financial services businesses, which allows them to conduct their operations.

The founders of AFSL compliance give solid financial advice and ideas on the financial products that their customers must invest in or purchase on behalf of their company. They run a plan that is officially recognised and urge that you do the same.

What is the purpose of an AFSL?

If you wish to run a company that includes financial services and financial products, you must first get an AFSL from the SEC. This covers guidance on financial products as well as other types of advice.

The significance of adhering to the AFSL compliance

  • It is one of the essential papers you and your agents will require to offer your clients financial services.
  • You must conform with the law to advise and suggest financial services to your customers and assist them in the process.
  • It also covers the security and interests that are controlled through investment plans, among other things.
  • Assists in providing rating services to customers and partners and assisting in covering the depository or custodial service
  • It can assist them by proposing the most acceptable financial items to acquire if you have the necessary licence.

Instructions on how to get an AFSL

  • To be considered for this position, the candidate must justify their application to offer financial services.
  • The ability to advise on the proposed company requires a sufficient number of contacts and resources.
  • Since the applications are evaluated relatively based on these categories, fulfilling obligations such as providing training, insurance, and dispute resolution is necessary.
  • Most of the time, the application procedure is completed online.
  • It is necessary to supply information about the application and information about the intended authorisation.
  • The application must be prepared to begin doing business immediately, with all their systems and procedures in place.
  • Adequate evidence of your financial resources is required to support the legality of your application, and you must submit this as proof.
  • It is necessary to ensure that the information provided is comprehensive and correct to maintain its dependability. This facilitates the evaluation process by reducing the time required.

Points to Keep in Mind

It gives a high-level overview of the complete process, which helps you develop the core papers that support it and any other extra documents that may be required later on.

  • For the method to be effective, it must be designed following ASIC expectations.
  • Make sure that it is appropriate for the structure and operations of your financial services company.
  • To maintain compliance with the law, the licensee must put in place a variety of compliance procedures.
  • It is vital to understand how long the evaluation procedure will take.
  • It may take up to 2 weeks for the procedure to be completed.
  • It is not recommended to give unlicensed services since it may prolong and exhaust the process.
  • Once you have completed the process, you will be able to give financial advice and services under the authority of the licence that has been awarded to you.

The applicant must ensure that the necessary documents are received and that the organisation has an adequate structure and a dependable number of managers, depending on the project’s complexity. The structure assists you in becoming more competent and demonstrating to the Australian Securities and Investments Commission (ASIC) that your business has a good motive and trusted employees who possess the necessary experience and qualifications to provide financial services with excellence to clients and consumers. Once your AFSL is complete, you must submit it to the ASIC for it to be approved.


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