Comply with AFSL general obligations (s 912A)
AFSL holders must do all things necessary to ensure financial services are provided efficiently, honestly and fairly.
Who must comply
All AFSL holders.
What triggers it
Holding an AFSL.
When due
Continuous.
Evidence required
Compliance plan, RG 104 register, breach reports, training records, AFCA membership.
Max penalty
Civil penalties up to $15.65M / 3× benefit / 10% turnover (corporations)
Summary
Section 912A of the Corporations Act imposes ten general obligations on AFS licensees including: efficient/honest/fair provision of services; managing conflicts; complying with conditions; adequate resources; competence; training; risk management; dispute resolution; and (since 2021) the design and distribution obligations under Part 7.8A.
Enforced by
Source legislation
Entity types
Topics
Source: https://asic.gov.au/regulatory-resources/financial-services/giving-financial-product-advice/. Rules Mate is not a law firm. Always verify against the live regulator source before acting.