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February top 3 actions for AFSLs
With the holiday season behind us its now time to start planning for 2024. AFSLs need to plan for and take action on some tasks which were announced last year. Whilst we have focused on the top 3, January is also a good time to:
o Assess and develop your cyber plan (Cyber resilience good practices | ASIC)
o Budget for ASIC levies
Are you one of the 89% of the Licensee population who hasn’t lodged a breach report to ASIC?
ASIC’s Report 775 released on 31 October shows that only 11% of licensees have lodged a report. This is a surprisingly low number and suggests that some licensees may not have in place the systems and processes required to detect and report breaches. Do you?
Structural rethink needed for advice industry
One of the interesting insights to come out of the ‘How to Regulate Advice session at Professional Planner’s Best Practice Forum was ASIC’s assessment that licensees themselves were being too conservative around policy guidance. That is, it was observed that licensees were going far beyond ASIC’s guidance, which in some circumstances had been to the detriment of scaled advice.
Mind the gap: Every Licensee has its compliance shortcomings
Over the past year, one of my clearest take outs from consulting to licensees and practices regarding compliance is that it’s almost never actually about “compliance”
Watch the knee-jerk when thinking about self-licensing
Make sure you understand all the risks and costs of self-licensing. A common view is that the cost to go self-licensed is minimal and there are players out there to help with the application and the outsourced services, particularly compliance. While this is true to a certain extent, my view is that it excludes some pretty important considerations.
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