AFSL Financial Resources, Records and Compensation Procedure


inc GST

This procedure*, ** is designed to assist you comply with the conditions on your licence in relation to financial requirements, audit and professional indemnity insurance.  It also assists you to comply with ASIC's RG 104 (Licensing: Meeting the general obligations), and ASIC's RG 166 (Financial requirements).  The requirements vary widely depending on your licence authorisations, and must be tailored to your business and licence requirements, with assistance from your accountant.  

It also includes a checklist to help you comply with ASIC's RG 126 (Compensation and insurance arrangements for AFS licensees), that is, Professional Indemnity Insurance requirements.

What's included?

Once payment is received, the procedure is delivered via email as a downloadable file(s) in Word and/or Excel format, together with a tax invoice. 

*This procedure(s) will not comply with the regulatory requirements if it is not correctly tailored to your particular business and kept up-to-date.  Compact - Compliance & Training is not responsible for the tailoring and implementation or upkeep of each procedure once purchased by the licensee.  Compact - Compliance & Training can assist you tailor these documents.  The first step towards keeping your procedure(s) up-to-date is to subscribe to our tailored monthly regulatory update service, T-REX.  The content of each procedure will vary depending on legislative and policy changes and updates, as well as the nature of the licensee.  This procedure(s) is current on the date of purchase.  Whilst every care is taken in their preparation, Compact - Compliance & Training makes no representation that these documents are fit for your particular purpose, and accepts no responsibility for any loss or damage or cost incurred as a result of their use.  Compact - Compliance & Training takes no responsibility for formatting or other errors resulting from software errors, defects, incompatibility or viruses.

**This procedure is only organisational.  It does not address financial reporting and financial auditing requirements.

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