AFSL Applications

Exploring a switch to self-licensing

Applying for your own Australian Financial Services Licence (AFSL) can feel like everything you’ve ever longed for: freedom to operate your way, no agenda other than looking after clients, and more control over costs.

If you want to switch to self-licensing, there are certain questions you should ask.

Self-licensing can be challenging and needs careful consideration. We’ve acted as a sounding board for many advisers considering the change, helping to inform their decision.

We have a 100% success rate with AFSL applications and a straightforward process that maximises your chance of obtaining your own licence in the timeliest manner possible.

Applying for your own AFSL

Applying for an AFS licence needn’t be complicated. We make it straightforward and continue to deliver successful licence grants for our clients.

Our end-to-end process keeps applicants informed, maximises the chance of obtaining the authorisations you’re seeking, and establishes the framework a licensee needs.

Going Solo

We start with a briefing that discusses:

• What’s involved in the process
• How the way you run your business relates to a licence application
• Initial set-up, assessment, and ongoing costs for an AFS licence
• Factors that ASIC considers during licence assessments
• Application timeframes

Apply for Your AFSL

We’ll prepare your application, which includes:

• Outlining your business case
• Demonstrating the skills and knowledge of your proposed responsible managers
• Providing financial projections for your licence
• Preparing a suite of documents that we know ASIC will request during the process

It’s not uncommon for ASIC to request further information from applicants during the process. We’ll help you with these responses and ensure they are submitted before deadlines to keep your application on track.

Compliance Framework Set-Up

You’ll be asked to meet final requirements when your draft licence is offered. These will differ based on your assessment outcome and include:

• Binding professional indemnity insurance
• Confirming Australian Financial Complaints Authority (AFCA) membership
• Confirming that you wish to proceed with the licence grant

ASIC expects that you will have prepared policies that address their regulatory expectations. These are typically written in a compliance manual. We provide these to you, along with licensee registers during the application process.

Transition

The final step in our process is a transition briefing with you. We’ll discuss:

• Crucial steps in the transition process to move to your own licence smoothly
• How to embed your new compliance framework into daily operations
• What you can expect during your first year as a licensee

We’ll guide you through the transition maze, and you’ll receive a transition guide filled with helpful tips on navigating crucial steps during this pivotal phase. We’ll ensure a smooth licence transition, business continuity, and minimal operational disruption.