Monthly Newsletter
Sophie Grace
Providing unmatched compliance and legal services for participants within the financial services and credit industries.
The past month at Sophie Grace…
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Our Videos
Check out our Training Videos! Our videos are a way for you to get information regarding your licence type in an engaging and effective way. Averaging about 12 minutes long, each video will provide you with relevant knowledge and skills. ?Purchase individually or subscribe to gain access to all of our compliance-focused training videos!
Complaints and IDR processes - learnings from AFCA's 2023-24 complaints statistics
With the number of complaints taken to AFCA continuing to rise, AFCA have indicated their disappointment at another record year of complaints and wants financial services and credit licensees to do more.
All licensees should consider the types of complaints they routinely receive, and take steps to address these via robust IDR processes.
The top 5 issues raised in the investments and advice complaints were:
Are you taking reasonable steps to ensure your authorised representatives do not accept conflicted remuneration?
The Federal Court’s determination in the case of ASIC v R M Capital Pty Ltd has provided clarification on what actions taken by AFS Licensees may constitute ‘reasonable steps’.
‘Reasonable steps’ in this context, is the standard set by?s 963F of the?Corporations Act?for Licensees to ensure that its representatives do not accept conflicted remuneration.
Licensees should take the following steps to ensure that its representatives do not accept conflicted remuneration:
ASIC Enforcement: Hardship
A recent report by ASIC has implications for all credit providers.
Key Findings:
ASIC issued Report 783 after conducting a review of ten (10) home lenders to understand how credit licensees are supporting customers experiencing financial hardship.
AFSL Auditor replacement, removal and resignation - updates implemented by ASIC
ASIC has implemented changes and updated RG 26 following the implementation of reforms extending the financial reporting and auditing obligations under Chapter 2M of the?Corporations Act 2001.
The changes that impact AFS licensees include:
ASIC Record Keeping Obligations on Personal Advice AFSLs
ASIC?imposes specific record-keeping requirements on Australian Financial Services (AFS) licensees and representatives of AFS Licensees that provide personal advice to retail clients under the?Corporations Act 2001.
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Providers must ensure the following records are kept:
Our blog article looks at:
New Video: Audits
This video looks at:
Other videos available
Learn more about these other useful topics at the below links.
AFSL Holders
ACL Holders
Portal Videos Subscription
The Sophie Grace portal now offers a video-only service. This means you can sign-up to gain access to a range of helpful videos for just $22 a month.
The videos are a perfect accompaniment to your coffee break, averaging around 12 minutes long. They are full of important information for every licensee with plenty of actionable takeaways!
New videos will be added every month to ensure you get the most out of your subscription.
Click below to visit our website and find the subscription that suits you best!
Having trouble keeping your compliance policies up to date?
The Sophie Grace Compliance Portal is designed to assist our clients with keeping their compliance policies and registers up to date. There are a number of different subscriptions available, that can include:
Regulatory Updates
We regularly update our website with new blogs. If you want to stay up to date, click on the link below to visit our blog page or follow us on LinkedIn.
The Corporate Manager
The Corporate Manager?is owned and operated by?Sophie Grace. The Corporate Manager assists with: