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AFSL Compliance

The MSM Group provides Compliance and Financial Audit Services for AFS License Holders

The business is headed up by Mr Ivan Handasyde, who has over 30 years experience in the financial services sector in both the corporate and small business sectors of the industry. This business leverages off the skills of the MSM staff Australia wide and broadens the range of services we are able to offer AFS licensees.

MSM provides a comprehensive range of services to help Australian Financial Services Licensees and their Authorised Representatives meet their Corporations Act requirements which include:

  • New Licence Application Support
  • Supply and maintenance of compliant business documentation and procedures
  • Pre ASIC visitation reviews
  • Ongoing Compliance Reviews
  • Supply of Compliance Officer role
  • Review of specific and specialised systems and processes
  • Financial Audit service via a related entity.
Support in the development of:
  • Product Disclosure Statements
  • Financial Services Guides
  • Statements of Advice

We are able to provide such support to both the Insurance Broking (General and Life) industry as well as to Underwriting Agencies.

Our experience through over 60 new Licence applications has armed us with the skill sets to add value in working with you in reviewing your AFSL requirements from start to finish.

Importantly our approach is based on face to face visits with our clients rather than trying to assess the needs and support required from afar.

We have found this approach produces significant benefits to the client in terms:

  • increased understanding of the issues
  • more buy-in to the solution of the problems
  • increased effectiveness in the usage of their compliance systems
  • reduced management confusion and uncertainty

Importantly this approach costs no more than services provided from a distance and in most cases are in fact  significantly cheaper.

Our new AFSL Licence application process support includes:

  • A formal review of required Licence authorisations
  • Identification of the requisite training and other support documentation required by the nominated Responsible Officers
  • Development of the Cash Flow and associated financial information
  • Provision of the base documentation required to demonstrate the capabilities expected of a Licensee
  • Hands on help in completing the on line application and preparing and submitting the hard copy application to ASIC

Keeping your business compliance documentation and procedures up to date and in a readily accessible structure is a critical business issue once you have gained an AFSL Licence. Our innovative suite of documentation is designed with a bare minimum of client customisation and maintenance in mind. This approach enables MSM to provide you with regular updates as new issues, legislation or industry codes develop over time. The documentation system includes a user friendly interface, a useful register of changes and it highlights the issues that need to be actioned.

MSM’s tailored  Mission Control database provides you with access to up to date templates and tools to assist you with compliance and can be accessed from our website:
A visit from ASIC, either as part of a routine surveillance process or a specific targeted approach can be a harrowing time for even the best run businesses. We can help you through the issues you may be concerned with and ensure that you are as well prepared as possible to present your business to ASIC.

Of course gaining a License is only the first step in enabling your business to continue in the Financial Services industry. Ongoing compliance with all of your legislative requirements is a never ending process. At MSM we do not take the approach of one size fits all. We are happy to tailor a Compliance Review program that meets your requirements and circumstances.

Some smaller businesses with limited compliance resources available have elected to appoint MSM as their Compliance Officer. Others have opted for regular quarterly half day visits which include a component of training and coaching of the Compliance Officer whilst undertaking typical Compliance Review activities. MSM also offer the more traditional annual review process of a one or two day visit followed up by a written report on our findings.

Some businesses face unique situations and structures in their business management and sales and distribution structures. We are able to cut through the confusion that often surrounds such matters, analyse the business issues and risks involved and provide clear and practical solutions.


Meet the team

MSM comprises a multi-disciplined professional team including qualified accountants with over 25 years experience.
Our team has expertise across a diverse range of industries and organisations.

Our team

MSM Technical Enquiries

An MSM team member can provide assistance in any of of the MSM areas of expertise.

Call 1300 76 67 67 or contact your local MSM office for a free consultation.

Contact us