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ASIC Requirements – Appointing Authorised Representatives (Part 1)

The next series of articles will address why the screening process for appointing limited authorised representatives (LARs) is so exhaustive. We sympathize with accountants who having made the (inevitable) decision not to obtain their own license are then required to complete such an all-encompassing application. On the bright side this process should take you a couple of hours and costs only $1,000. The few accountants who have applied for a license have spent over $20,000 and taken weeks to collate the supporting data.

ASIC requires fwgs to have a Human Resource framework.

Employment Screening

ASIC steer their ship with Regulatory Guides, known as an RG. RG 104.71 states they ‘expect (a licensee’s) measures for monitoring and supervision will include carrying out appropriate background checks before (appointing) new representatives.

These checks include, for example, referee reports, searches of ASIC’s Register of Banned and Disqualified Persons, and police checks.

The finance wise application includes additional segments to establish banking processes, RCTI’s and Referral agreements so these matters are all dealt with in the one form.

Should you wish to obtain further information about our solution for accountants once the accountant exemption expires or you wish to become an authorised representative please email [email protected].

The next article in this series looks at ASICs requirement “Measures for Monitoring and Supervision”

Ask us about our RG 146 training designed specifically for accountants!  Face-to-face training in your hometown.

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