Financial Services

Applying for an Australian Financial Services License?

Applying  for an Australian Financial Services License?

The law in Australian dictates that “a person” or entity who provides “financial services”  need to have an Australian Financial Services Licence (AFSL). Navigating, through the financial services industry, can prove to be difficult on your own.

Let us take a look at what you need to take into account when applying for your AFSL.

Firstly, you need to ensure that the authorisations you be requesting on your AFSL cover all of the business activities, it is not a one size fits all.

AFSL applications require suitable Responsible Managers who can demonstrate that they meet the required skill and experience level that is needed to gain the authorisations requested on the AFSL. It is essential to demonstrate that you are competent in providing those financial services under the AFSL you have applied for.

What is the process of applying for an AFSL? 

The AFSL application form is completed online through ASIC’s website, where supporting documents should be lodged.

  • Proof that can be used to assess that you can meet the core legal obligations
  • A detailed business description that provides an overview, including financial services and products to be provided 
  • Sources of income
  • Growth Projection
  • Growth Projection 
  • Organisational chart 
  • Delivery location

How can the Nxt Legal team help me 

The NXT Legal team provides aims to develop and deliver compliant business solutions. We offer a full range of financial licensing and regulatory issues that include:

  • AFSL applications, licensing requirements and compliance
  • Establish, register or review scheme
  • Preparation of product disclosure statements

We can advise the application questions, prepare required proofs, provide all of the supporting compliance policies and procedure documents.

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