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What are the requirements (applying and ongoing) for an individual AFSL? I.e. A one man Financial Planning firm. All the detail here seems to be for larger firms with multiple employees.
Hi Marcus,
Thanks for the question.
The process for applying for an AFSL, and the requirements on licensees, are the same, whether you are an individual, a company or a partnership. You will need to decide what AFSL you require, meaning you to need to assess what services you wish to provide and the appropriate authorisations.
Managing your AFSL and the ongoing requirements, as a self-licensed adviser, are again no different from larger firms with multiple employees. Maintaining your own AFSL costs a significant amount of time and money, as knowledge, resources and training are required to keep up-to-date with products, regulatory changes and compliance requirements.
ASIC’s Licensing Kit has information about the application process, and Regulatory Guides 104, 105, 126, and 166 all discuss other obligations that apply to licensees.
For further information contact our Financial Services Team.
Author: David Court
Co-contributors: Megan McMullan and Greta Walters
Thanks David. Can you describe “significant” for me? I read a lot of theory but practice is what I am interested in. P.S. Well done deciphering the initial message…
Hi Marcus,
The costs involved will vary depending on the nature of the business and need to be considered on a case-by-case basis. However, all licensees have capital requirements to meet and will incur audit, insurance, EDR/costs and other regulatory filing. We suggest discussing the issue further with business colleagues who may be or have been in a similar situation.
Author: David Court
Co-contributors: Megan McMullan and Greta Walters
