Licensee Solutions is associated with Halsey Legal Services (Halseys), a law firm with substantial expertise and experience in the financial services and credit industries; particularly in relation to ASIC enforcement actions, client disputes and structuring advice. You will benefit from the knowledge and experience of Licensee Solutions, and the shared insights from Halseys' legal experience, to proactively protect your business.

Licensee Solutions core compliance services include:

• Compliance Committee Management
• Licensee Regulatory Reviews
• Representative Client File Reviews
• General Consulting
• SMSF Professionals Support

All the services listed can be packaged within a consulting program, allowing you to know upfront the services you will receive, and the cost for you within the next 12 months.

You can choose the consulting program which is most suitable for your business.

Compliance Committee Management

All licensees have ongoing compliance obligations which need to be managed. It is often challenging for a licensee to effectively plan, document and implement required compliance activities. Licensees typically want to focus on other aspects of the business, such as revenue generation.

Our Compliance Committee Management service helps you administer your compliance activities in a manageable way, ensuring that your compliance obligations are met efficiently.

This service includes:

• scheduling quarterly meetings (the frequency of meetings can be changed based on the nature, size and complexity of your business);
• preparing and distributing the meeting agenda;
• facilitating the meeting;
• discussing changes that may affect your business and recommending how best to tackle the issues at hand;
• recording and documenting minutes, decisions and action items;
• helping to complete action items and following up with you on action items that require further work; and
• assisting you in handling issues identified through licensee review and representative review.

Licensee Solutions' consultants are up-to-date on legislation and compliance issues. The Compliance Committee Management service ensures that you have the most current information affecting your compliance obligations.

Meetings are tailored to meet your business needs.

Compliance Committee Management can be provided as a standalone service or can be packaged as part of a Consulting Program.

Licensee Regulatory Review

Our Licensee Regulatory Review is an annual compliance health check for the licensee. It focuses on the responsibilities of the licensee with emphasis on:

• adherence to licensee's compliance program;
• recruitment, supervision, training and termination of representatives;
• the advice process and client service management;
• marketing campaigns;
• the research process and planning tools;
• registers and record keeping;
• industry association membership and associated compliance requirements;
• complaint and breach handling procedures;
• standard documents;
• compliance monitoring and reporting; and
• Anti-Money Laundering and Counter Terrorism Financing provisions.

We discuss with you any issues arising and compile a Review report detailing areas which require attention, and recommendations to rectify any issues.

The time allocation for licensee review is between 10 to 15 hours.

Representative Client File Review

As an Australian Financial Services licensee, you have a legal obligation to monitor your representatives to ensure that they comply with the law, are competent in their roles and operate efficiently, honestly and fairly. It can be challenging to know what representatives are doing day-to-day.

We can help you by conducting regular Representative Client File Reviews. These reviews can identify compliance breaches at an early stage and any operational areas that could be improved upon. You can then take proactive steps.

We help you, and don't judge you.  Our aim is to work with you and your representatives to ensure that your obligations as a licensee are met and your representatives maintain the ability to operate. Our reviews are an education tool rather than a policing exercise.

Critically, if we do find any serious breach of the law or legal liability issues, the matter can be seamlessly transferred to Halsey Legal Services, where you will benefit from legal professional privilege. What is legal professional privilege? Find out more

A typical Representative Client File Review focuses on:

• the advisory process and client file management;
• registers and record maintenance;
• the appropriateness of advice;
• disclosure requirements; and
• compliance with legislative, licensing requirements and best practice measures.

Typically we assess 3 client files and write a report for you detailing areas to be addressed.

The time allocated for review of 3 client files in writing a report is usually 5 to 6 hours.

General Consulting

General consulting is driven by your needs as a licensee in the always evolving world of financial services compliance. For some licensees, this includes:

• reporting and liaising with ASIC;
• providing independent expert's reports in relation to matters - including as expert witnesses and court litigation;
• conducting due diligence on potential authorised representatives;
• conducting due diligence as part of a business or register acquisition. Our experience varies from small/medium client register purchases through to assisting with the due diligence related to the acquisition/merger of an entire AFS licensee business (FUA $5 billion);
• dealing with other licensees or professional bodies on an "as needs" basis;
• assisting with the management and coordination of dispute resolution (actual litigation is conducted by Halsey Legal Services);
• providing updates relating to legislative changes and implementing practical measures and processes to satisfy the new obligations;
• management of internal compliance projects and providing guidance to licensees where required;
• designing training programs, conducting training sessions and helping to maintain training records;
• documentation review (e.g. review of your Financial Services Guide and Statements of Advice); and
• reviewing marketing material before distribution or printing.