Getting an AFSL or Credit License – Step 1, Ignore the Applications

The Financial Writing Company manages the AFSL or Credit application on behalf of clients.

Our approach is unique in that we put the AFSL or Credit application aside in the first instance and use our strategic planning background to help customers build an ASIC compliant, and solid, business model that includes, but is not limited to, everything ASIC is looking for.

Then, from this solid position, we complete the application.  In fact, completing the application is the last step of this process and frankly is the least onerous once all the ground work has been done.

We do not risk completing ‘bare minimum’ AFSL or Credit License applications. We consider and include all the ASIC requirements such as a compliance plan, staff training plan, customer complaint process, etc.

As key stakeholder in all AFSLs issued ASIC want to gain a detailed overview of the entire financial operation; who’s running it, what systems are used, how it is run, what products and services are on offer, how are they administrated and managed and how is risk identified and managed.

We work with clients who are interested in creating an entire solid business model which offers them the best chance of succeeding in both their finance or credit business and succeeding in their AFSL or Credit Licence application.

We also work with a commercial lawyer on any deliverable being submitted to ASIC. The reason we do this is to ensure our client’s submission is in line with all current regulatory requirements and to ensure ASIC receive (only) the information needed to undertake their assessment. All information submitted to ASIC, including detailed background descriptions goes ‘on record’ (forever) and may impact clients in the future.

AFSL or Credit License projects are multidimensional with many components coming together to make up the submission; applications, proofs, checks and certificates, etc. We want clients to have an understanding of the entire project cost not just the parts we provide. As such, we quote a fixed fee and disclose other third party costs that clients will encounter as part of this project.

These include;

•    ASIC application fee
•    Government search fees
•    Registering with an approved customer mediation body
•    Financials provided by an Accountant
•    Professional Indemnity insurance

An AFSL or Credit License is a great asset for any business and if this is your ambition, we guarantee to do our best to present you in the strongest possible light.

For assistance please contact The Financial Writing Company 1300 477210.