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Getting your own AFSL offers several attractions over being an authorised representative of another licensee, but they come with their own set of obligations, including proving you’re sufficiently skilled and experienced.
While acknowledging the importance of an effective compensation scheme, the Financial Planning Association of Australia has highlighted concerns around the legislation introduced into Parliament.
To recap, Section 912A of the Corporations Act, which sets out the key obligations of an AFS Licensee, requires a licensee to "maintain the competence to provide [the] financial services [covered by the licence]". ASIC through Regulatory Guide 105 - Licensing: organisational competence details what attributes you need to have in order to be appointed as an Responsible Manager. These are: having direct responsibility for significant day-to-day decisions about the ongoing provision of your financial services; in conjunction with your fellow Responsible Managers, collectively having appropriate ...