Helping Australian Accountants Apply
For A Limited Afs Licence And
Meet Ongoing Compliance Requirements

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OVER 25 YEARS OF COMBINED EXPERIENCE IN GUIDING BUSINESSES THROUGH THE APPLICATION PROCESS FOR AN AFS LICENCE

LICENSING REQUIREMENTS

From 1 July 2016, Accountants who currently provide advice on the establishment or winding up of self-managed superannuation funds (SMSF), and do not hold an Australian Financial Services Licence (AFS Licence) will be required to obtain a Limited AFS Licence to continue providing such advice. Accountants will need to operate under a new licensing regime for professional accountants. 

A Limited AFS Licence is a new category of AFS Licence introduced by the Government. The Limited AFS Licence is applicable to accountants to enable them to give advice about SMSFs and some classes of financial products in which SMSFs (and other clients) invest and arrange to deal in SMSFs. 

APPLICATION PROCESSING

The Limited AFS Licensing application process can be overwhelming and consume a great deal of time for applicants. The obligations can seem difficult, especially for small to medium sized firms.

LC Compliance Consulting will provide a professional service to help you and streamline the Limited AFS Licence application process.

We can also provide ongoing compliance services, such as the preparation of ongoing disclosure documents, referred to as Statements of Advice.

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YOUR TRUSTED COMPLIANCE PARTNER

LC COMPLIANCE CONSULTING

LC Compliance Consulting Pty Ltd ("LCCC") is a company structured to assist accountants apply for a Limited AFS Licence and provide ongoing compliance services, such as the preparation of ongoing disclosure documents, being Statements of Advice.

LCCC is a company jointly owned by the principals of Lazorne Group and the principals of CLEAR Corporate Solutions.

Lazorne Group was established in 2002 and is a company that specialises in providing consulting services in regulatory compliance in the financial services industry.

CLEAR Corporate Solutions was established in 2014 and is a company that provides outsourcing solutions to improve efficiency for businesses and enable them to focus on their core business.

Our Senior Advisors (the Directors of Lazorne Group) have been assisting applicants for more than 13 years and have helped many businesses successfully obtain an Australian Financial Services Licence (AFS Licence). It is estimated that our Senior Advisors have either assisted in the applications for a new AFS Licence or to vary an existing AFS Licence well in excess of 400 times. Our Senior Advisors are very experienced with the requirements and very familiar with ASIC policy and process documentation.

LCCC has developed our Limited AFS Licence application packs and these have been prepared based on the knowledge and experience of what procedures and documents are necessary to meet ASIC's compliance requirements. We can guide you in the selection of your Responsible Managers and we can project manage the application process for your business. Or, you can choose to 'do it yourself'.

Our Senior Advisors are experienced in dealing with ASIC, having successfully lodged many AFS Licence applications.

OUR ADVISORY TEAM

Larry Simon - Senior Advisor

Larry commenced work in the financial markets over 18 years ago. He has worked in management and compliance roles in a retail broking firm operating across OTC and exchange traded financial products.

Larry co-founded and established Lazorne Group in 2002 to institute and support AFS Licensees compliance and regulatory requirements.

Larry holds a Bachelor of Economics in Accounting, Finance and Business Law.

Deborah Horne - Senior Advisor

Deborah began her career with Ernst & Young. She then spent more than 17 years with the Sydney Futures Exchange (SFE). Deborah was responsible for establishing, developing, administering and managing the compliance and surveillance functions of the SFE, and its subsidiary, the NZFOE.

Since 2000, Deborah has provided independent compliance consulting advice to futures exchanges, securities exchanges and financial service providers offering a broad range of financial products. Deborah is also a co-founder of Lazorne Group Pty Ltd.

Deborah holds a Bachelor of Commerce in Accounting, Finance and Systems and was formerly a member of the Institute of Chartered Accountants in Australia.

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LC Compliance Consulting Offers Accountants Limited AFS Licensing Packs

LC Compliance Consulting understands that clients have differing needs and have prepared two alternatives for Accountants to consider for the Limited AFS Licensing Application.

 

Choose which Application Pack is right for your business:

 

STAND ALONE

DIY APPLICATION PACK

You will receive the following template documents which will require you to tailor the contents to suit the business prior to submission:

  • Step-by-step Procedural Instructions on how to complete the ASIC Application Form;
  • 8 additional Procedural Instructions to meet the other document requirements;
  • 5 'Core Proof' documents which are required to be lodged with ASIC to support the application;
  • 14 Policy and Procedure documents which are necessary to support the Application (referred to by ASIC as 'Supporting Proofs') and which may be required by ASIC as part of its assessment process;
  • Up to 4 hours of support and guidance in reviewing documentation to assist in preparing the application for lodging.

$5000 + GST*

PROJECT MANAGED

APPLICATION PACK

You will receive:

  • An assigned Compliance Associate who will coordinate your Application requirements according to an agreed project timeline;
  • Customised Core Proof and Supporting Proof documents as required to support the Application to ASIC;
  • Assistance, guidance and interpretation of ASIC requirements during the preparation of the Application;
  • Bankruptcy checks completed on your behalf for each of your nominated Responsible Managers;
  • Preparation of the draft ASIC Application Form for review;
  • Finalisation of the ASIC Application Form;
  • Electronic lodgement of the Application on your behalf and all of the relevant documentation to support the Application; and
  • Preparation of the an application to an approved external dispute resolution scheme on your behalf.

$7000 + GST*

*Terms and conditions apply and will be subject to full disclosure as a part of our Proposal and on-boarding process.

Learn more

To continue to be able to make recommendations on SMSFs to your clients after 1 July 2016, you will need to act now to comply with the AFS Licensing framework.

Learn more about your options through these free resources before making your decision:

  1. ASIC Information and the Corporation Regulations
  2. LC Compliance Consulting Articles about AFS Licencing
  3. Free 30 Minute Consultation session with one of our Senior Advisors
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COMPLIANCE SERVICES FOR LIMITED AFS LICENCE HOLDERS

Our aim is to assist clients in meeting some of their ongoing regulatory obligations as the holder of a Limited AFS Licence.

LCCC can support Limited AFS Licence holders across some of the following compliance requirements:

  • The ongoing preparation of Statements of Advice (SoAs).
  • Provision of compliance training. LCCC provides an update as to amendments made in the regulatory environment that may impact upon your Limited AFS Licence. This is a monthly "newsletter" providing details of changes to compliance and regulatory requirements in the month, proposed changes (such as Consultation Papers) and other relevant compliance issues being considered by the regulators.
  • Administrative Support Staff that can complete your documentation compliance requirements at an affordable cost.
  • Preparation of compliance procedures. Such procedures may include various Policy and Procedure documents which are necessary to support the business as it grows and/or changes.
  • Advice and assistance with the implementation of good governance structures.

Contact us today to arrange your free 30 minute consultation.

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Contact Us

Book a 30 minute consultation with one of our Senior Advisors to discuss your requirements and make sure we are the right solution for your accounting practice.

LC Compliance Consulting

info@lccompliance.com.au

www.lccompliance.com.au

Phone: (02) 8076 2261