AIOFP members to undergo compliance review
Member firms of the Association of Independently Owned Financial Professionals (AIOFP) will undergo compliance reviews to identify and remedy potential issues with their Australian Financial Services Licence (AFSL).
The AFSL review service, which will include more than 90 member firms, will be run by financial services lawyer Peter Bobbin of Rockwell Olivier.
The launch of the services was announced at the association's national conference in Hobart by AIOFP chief executive Peter Johnston, who said he was confident that adviser practices would appreciate the benefits that would be delivered through the offering.
Johnston said the AFSL reviews would help identify and remedy any potential issues, which could make those businesses more attractive to potential buyers but also more robust in the eyes of the regulator — the Australian Securities and Investments Commission (ASIC).
Bobbin has contracted consultancy firm My Dealer Services Pty Ltd (MDS) to conduct the reviews, while practice appraisals will be the responsibility of Adviser Compliance Services.
"The selection of MDS to undertake the task of ensuring AIOFP's members' AFSL requirements are in order was an easy choice as their industry reputation has been built on the successful processing of over 100 licence applications for advisers and dealer groups," Bobbin said.
Recommended for you
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
Integrated wealth and financial services group Rethink has launched a financial planning arm called Rethink Wealth to expand beyond property investing and into holistic wealth management.
While adviser numbers continue to slowly creep back up, the latest Wealth Data analysis reveals they would actually be in the green for the calendar year if it weren’t for so many losses in the limited advice space.
Iress has appointed a chief AI officer to spearhead the fintech’s strategic focus on AI, with chief executive Marcus Price describing how the technology opens the doors to a “new frontier for wealth advice”.
