Posts tagged openAFSL
Care Factor?: FASEA's view of "Client Care and Practice"

Smarter Compliance. Professional advisers understand that they’re now required to commit to a programme of Continuing Professional Development (CPD) that is consistent with FASEA’s requirements to “develop, maintain and apply a high level of relevant knowledge and skills”. Standard 10 of the FASEA Code of Ethics articulates expectations reinforced by FASEA’s FPS004 CPD Policy outlining mandatory competency areas. One of those competency areas is “Client Care and Practice”. We’ve been deluged by advisers asking what this means in practice. In addition to offering Licensees a practical perspective this article outlines how an innovative reg-tech compliance platform, OpenAFSL, can optimise their approach.

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Banking on fear: ASIC's new focus

Smarter Compliance. The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry may not have delivered Bankers in handcuffs but its legacy is likely to be more profound. The criticism ASIC attracted for embracing deference over deterrence and their timidity and ineffectiveness was painful for those of us that value compliance, obey the law and recognise the need for a fearless, effective and consistent regulator. ASIC endured the public criticism and have emerged with a renewed vigour and with the people, powers and purpose they need to restore confidence and deter misconduct. This article addresses the relevant changes and their implications. We also offer seven immediate priorities for Licensees looking down the barrel of these changes.

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Fintech Business Awards 2019

Smarter Compliance. Last month, the finalists for the 2019 Fintech Business Awards were revealed by Momentum Media, the publisher of Fintech Business. Assured Support was thrilled to be named as a finalist in two categories ("Compliance Innovator of the Year" and "Software Innovator of the Year"). We’ve simply been too busy delivering innovative compliance solutions to acknowledge the honour, but we appreciate that usefulness and effectiveness can sometimes offset the lack of a sales and marketing team. It's a strong field and one that shows the depth and quality of Australian FinTech Industry. 

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Always on my mind: Licensees' approach to breach reporting

The Banking Royal Commission quickly and easily exposed profound and systemic non-compliance with the breach reporting obligations. Breach reporting may be "an important part of the regulatory framework" but the Commission’s hearings (and the Interim Report) show that, “on more than one occasion”, Licensees materially failed to comply with this obligation. Worryingly, they appeared to have suffered no consequences as a result of their failures. ASIC’s Report 594 on compliance with the breach reporting obligations highlights the extent of, and reasons for these failures. This article looks at three key take-outs for Licensees seeking to avoid regulatory censure.

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August Update: Ready to Spring

If you're focused on the future, and want to build a sustainable advice business, you'll want to find out more about openAFSL. You know that “minimal or technical compliance with the law” is not a worthwhile pursuit and, as a competent Licensee, you understand that regulatory technology is critical to you achieving that goal. OpenAFSL is the flexible and intuitive platform you need. Here’s why.

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Seven questions about your perfect solution: the reality of regtech

If you’re running an advice business, you know that you are required to establish and maintain sufficient measures to ensure your compliance with financial services laws. Clearly, the sophistication of the measures, processes and procedures you have in place (which may be paper based or integrated IT systems) will vary according to the size and sophistication of your business. In our view, the only way to comply consistently, effectively and efficiently in a complex and frequently changing environment is to embrace regulatory technology. Before you do, there are seven questions we think you should ask.

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Fintech Business Awards 2018

The finalists for the 2018 Fintech Business Awards were revealed earlier this week by Momentum Media, the publisher of Fintech Business. Assured Support was thrilled to be named as a finalist in two categories ("Compliance Innovator of the Year" and "Software Innovator of the Year"). It's a strong field and one that shows the depth and quality of Australian FinTech Industry. 

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Three New Year's Resolutions (You can make and keep)

If you are a compliance and risk professional, you probably often feel different to the people around you. But like millions of other workers, you probably also capped off 2016 with a brief burst of reflection and committed yourself to doing some things differently in 2017. Congratulations for taking the lead. If your champagne-sodden resolutions were no more specific than “have a better year” this article presents three practical steps you can take to significantly improve your performance in 2017.

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