AFSL Audit & Investigation Services for Licensees
- Ensure Compliance With ASIC Regulations Effortlessly.
- Tailored Audit Solutions For Your Unique Needs.
- Transparent Process from Start to Finish
- Proven Track Record with 100% Success Rate
AFSL House’s comprehensive audit process for Australian financial services licensees mitigates regulatory risk and ensures you have industry leading systems.
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AFSL Compliance Through Expert Audits, Guaranteed
Australia's Leading AFSL Firm
Complying with Australian Financial Services Licence (AFSL) Regulations & Obligations.
Understanding AFSL Compliance
An AFSL is a licence issued by ASIC that permits businesses to conduct financial services activities, including offering financial products or advice to retail and wholesale clients.
The licence ensures that only competent and adequately resourced businesses can operate in the financial services industry, under regulatory standards set by ASIC.
Key Regulatory Requirements
AFSL holders must maintain accurate records and conduct regular audits to demonstrate ongoing compliance. This includes lodging annual accounts and audit reports using forms FS70 and FS71 with ASIC.
Additional requirements include maintaining adequate risk management systems, managing conflicts of interest, and having a dispute resolution system for retail clients.
Consequence of Non-Compliance
Non-compliance with AFSL obligations can lead to licence suspension or cancellation, fines, reputational damage, and loss of client trust. Adhering to regulatory requirements is essential to avoid these risks.
At AFSL House, we specialise in auditing your firm’s compliance with AFSL obligations to ensure you meet regulatory standards.
Get Your Free Initial Consultation
Request a Free Consultation with one of our experienced AFSL Lawyers today.
Our 10-Point AFSL Compliance Audit Checklist
At AFSL House, we conduct comprehensive compliance audits that focus on critical areas to ensure compliance with regulatory requirements for Australian Financial Services Licensees (AFSL).
Our 10-point audit process is designed to provide clients with a thorough understanding of their compliance status and areas of improvement. Avoiding regulator scrutiny is our ultimate goal.
Up to
95%
Reduction in Compliance Breaches through Proactive Compliance Audits
Up to
95%
Improvement in Regulatory Compliance
#1: Policies & Procedures
We ensure compliance with regulatory requirements through auditing policies and procedures by:
Evaluating the effectiveness of compliance frameworks
Identifying any gaps in existing procedures
Ensuring alignment with current regulations
#2: Breach & Complaint History
We review breach and complaint history to assess organisational response and corrective actions by:
Reviewing responses to breaches and complaints
Assessing the appropriateness of corrective actions
Understanding the organisation’s commitment to compliance and risk management
#3: Organisational Competence
We evaluate organisational competence to ensure capacity in meeting obligations by:
Assessing staff qualifications and training
Evaluating overall competence related to compliance
Ensuring personnel are equipped to uphold compliance standards
#4: Compliance Committee Papers
We audit compliance committee documentation to ensure proper governance and oversight by:
Reviewing meeting minutes, reports, and action items
Confirming appropriate addressing of compliance issues
Ensuring effective governance and oversight
#5: Advice & Service Delivery
We assess the quality of advice and service delivery to clients by:
Ensuring adherence to established standards and regulatory obligations
Identifying areas for improvement in client interactions
Maintaining high-quality client service and advice
#6: Internal Controls & Reporting
We evaluate internal controls & reporting systems to improve operational efficiency by:
Assessing the effectiveness of reporting lines and governance standards
Evaluating risk management strategies
Suggesting improvements to internal controls
#7: Marketing Materials & Communications
We ensure compliance with advertising regulations by auditing marketing materials and communications through:
Reviewing promotional content for accuracy and compliance
Verifying adherence to legal standards in marketing
Ensuring accurate representation of services
#8: Registers
We review AFSL registers maintained by the organisation by:
Reviewing trends and other issues with register entries
Ensuring accuracy and compliance of all registers
Implementing improvements in record keeping standards
#9: Licenses & Registrations
We confirm the validity of licenses and registrations by:
Verifying compliance with ASIC and other regulatory body requirements
Ensuring all licenses and registrations are current and valid
Maintaining compliance with licensing obligations
#10: Disclosure Documents
We review disclosure documents to ensure they comply with regulatory obligations by:
Ensuring they are up-to-date with regulatory requirements
Reviewing disclosure documents against products offered
Updating disclosure documents to reflect trends in ASIC enforcements
Get Your Free Initial Consultation
Request a Free Consultation with one of our experienced AFSL Lawyers today.
Step 1: Initial Consultation
We start with a free consultation to understand your business, compliance and legacy issues, and lay the foundation for our audit scope.
Step 2: Comprehensive Audit Preparation
This crucial stage ensures a smooth audit process. We request necessary documents (compliance procedures, registers and committee papers), review your compliance history, and identify key personnel for audit meetings.
Step 3: Execution of the Audit
Our team conducts a thorough examination and evaluation, including meetings with key personnel (responsible managers, directors), review of legal and compliance documentation, and assessment of internal controls and procedures.
Step 4: Reporting & Recommendations
You’ll receive detailed reports outlining our assessment of regulatory compliance, recommendations for improvement, and a summary of any identified issues. These actionable insights empower you to maintain AFSL compliance and implement industry leading procedures.
Our Compliance Audit Process
At AFSL House, we follow a structured approach to conducting compliance audits, ensuring issues are identified or remedied before they become significant. Our audit process consists of several key stages designed to meet the specific needs of AFSL holders.
Why Choose AFSL House?
Our point of difference is simple: we specialise in working exclusively with financial services companies, offering solutions that combine best practice processes with full legal compliance.
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Deep Industry Understanding
We have an intimate understanding of the issues financial services companies face and how leading businesses in your industry are addressing them.
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Best Practice + Legal Compliance
Our solutions marry best practice processes with legally compliant strategies to ensure your business operates efficiently and effectively.
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Broader Perspective
We apply a different perspective to your challenges, going beyond the narrow focus of traditional law firms or compliance providers to deliver holistic, practical solutions.
Get Your Free Initial Consultation
Request a Free Consultation with one of our experienced AFSL Lawyers today.
Rated 5-Star By Our Clients
Erina W
"AFSL House made our license application process incredibly smooth. Peter's expertise and hands-on guidance helped us secure our AFSL faster than expected, and his ongoing compliance support has been invaluable."
Marcus O
"Having AFSL House manage our application meant we could focus on building our business. Their team was responsive and explained everything clearly without drowning us in regulatory jargon."
Omar M
"They understood both regulations and business realities. When we faced challenges with our structure, they proposed practical alternatives that worked both commercially and regulatory-wise."
Maeve S
"AFSL House focused on what was actually needed rather than unnecessary complications. The compliance framework they designed continues to work well as we grow."
J K
"An absolute pleasure working with Peter and the team at AFSL House. Peter's expert knowledge and experience in the field, made for a swift process in obtaining our AFSL. Thank you- looking forward to our ongoing work together."
Free & Practical AFSL Guides & Checklists
Free 90-seconds Assessment
Are you complying with your AFSL?
We understand the challenges of complying with your AFSL obligations. That’s why we created this free 90-second assessment.
Quickly check your status and get the insights you need. Take the test now.
101 Guide to Applying for AFSL
A practical guide covering the key steps, milestones & timeframes for obtaining an AFS License.
Your AFSL Roadmap
An illustrative chart with key milestones & steps in applying for an AFSL & ensuring ongoing compliance.
AFSL Compliance Calendar
Comprehensive calendar outlining key compliance deadlines & obligations for AFSL holders throughout the year.
Market-Leading, Comprehensive AFSL Services
AFSL House offers a comprehensive range of services tailored to meet the needs of financial services companies seeking Australian Financial Services Licences (AFSLs) and compliance support.
Get Your Free Initial Consultation
Request a Free Consultation with one of our experienced AFSL Lawyers today.
Insights Library
Practical AFSL Guides & Insights
Unlock free AFSL guides, checklists, and insights in our regularly updated Insights Library, written by our legal experts.
Who We Are
Founded in 2020 by senior financial services lawyer Peter Hagias, AFSL House specialises in regulatory and legal services for AFSL holders. Our expert team serves fintech companies, fund managers, and financial planners both locally and internationally, delivering compliance solutions that withstand regulatory scrutiny.
Under Peter’s leadership as an industry consultant and compliance committee chair, we continue to provide outstanding support to Australia’s financial services sector.
Frequently Asked Questions
How often do I need to undergo an AFSL audit?
All AFSL holders must undergo an annual audit, with financial statements typically lodged within 3-4 months after the end of the financial year. For disclosing entities, the deadline is shorter at three months.
What are the benefits of undertaking a risk audit of your AFSL business?
How long does the audit process take?
What are the costs associated with an AFSL audit?
What documents are needed for an AFSL audit?
Key documents required for an AFSL audit include financial statements, compliance records, and internal policies and procedures. Specifically, licensees must prepare forms FS70 and FS71, which include the profit and loss statement, balance sheet, and the auditor’s report. Having these documents organised and readily available will facilitate a smoother audit process.
