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ASIC Requirements – Appointing Authorised Representatives (Part 4)

Compliance failures and breach reporting

Fwgs has a clear process for reporting compliance breaches.

Under s912D breaches must be reported to ASIC and a breach register maintained.

Accountants ought to be alert but not alarmed concerning compliance failures. Fwgs will provide a template to fulfil the advertising obligations so a client has no confusion about who is providing the advice.

Our portal ensures the FSG is provided when the appointment is made and this is handled automatically. At the initial interview the Needs Analysis, Risk Profile, Anti-Money laundering along with the file notes and third party authorities are all collated as one document produced from drop boxes inside the portal.

This information transfers to the Statement of Advice which we have templated to suit an accountant who only advises on SMSF.

It is our view that if your licensee does not have a clear simple automated process an accountant will inevitably breach their obligations.

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].

This is the final article in this series.  For other articles discussing the fwgs solution to the accounting exemption, please look at Recent News on our website.

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