# Help with obtaining Australian financial services licence



## Nasdaq Trader (27 June 2006)

I am looking for help with trying to obtain an australian financial services licence so i can teach seminars in australia. i have e mailed asic and they said that i need a licence but won't offer any help on how to obtain one.I live in new zealand and the rules are a lot more casual over here. any comments would be welcomed.


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## money tree (27 June 2006)

you need to have at least 3 yrs working for a suitable broker/bank etc

you need a staff team to handle compliance, procedures, blah blah

you need an aussie address

you need PS146 compliance

and a heap more.......but you should already know all this cos you read all the FAQs on asic site.........right?

why would we need yet another seminar spruiker here anyway?


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## Magdoran (27 June 2006)

Hello Nasdaq Trader,


Go to FINSIA:  http://www.finsia.edu.au/  Go to “Education and Training”, then pull the menu down, go to “compliance training”, then “tier1 PS146”.


For individuals, you’ll need to complete at least the generic course (which has the advisor course to hand in, and you sit a generic exam, and must get 70% or better to pass) for your personal PS146 Certification (depends what you’re doing, of course).

There are several specialist areas such as:  Securities, Derivatives, Superannuation, Insurance, Managed Investments, Financial Planning... etc.

Depending on what you need to practice, you’ll need to then do at least one specialist area or more to gain accreditation.  This includes Exams with at least a 70% (some require higher pass marks) to pass, and written assignments.

You will also need to gain a license for your organisation to conduct seminars.  Essentially you must adhere to a range of ASIC requirements including setting up dispute resolution mechanisms, and providing (potential) clients with FSG (Financial Services Guide) and PDS (Product Disclosure statement) documents.  You may also if you give financial advice have to provide an SOA (Statement of Advice) to clients.  All of this is covered in the course at FINSIA.  


There are a range of relevant document on various license requirements on the ASIC site, but you will need to search online to access the various documents that may be relevant to you situation. 

http://www.asic.gov.au/asic/asic.nsf


Good luck, it’s FUN!


Regards


Magdoran


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## Nick Radge (27 June 2006)

Mine cost me $27,000 to get done. 

Whatever is said above is the short form. Just my regime to ASIC went 40-pages to show my experience. The total application went closer to 500-pages.

I can recommend a firm that specialise in doing it, but they'll be very up-front if they don't think you'll be granted a license.

Good luck.


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## wayneL (27 June 2006)

Hi Mag, MT, Nick,

How do these rules relate to someone who has written a book, lets use the example of Darryl Guppy or Leon Wilson.

The information contained therein is very generic in nature, does not provide advise or "signals" but merely discusses techniques for trading.

...and what about the current rash of e-books promoting holy grail (hah) techniques such as the so called "Dimitri Strategy" (just an ordinary bull put spread ferchrissake)

Where do these licencing requirements fit in here? The ASIC site seems a bit nebulous in this regard as far as I can see.

TIA

PS - Not bagging the bull put spread per se'. Just the promotion of it in exclusion of all other strategies


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## Nasdaq Trader (28 June 2006)

hey guys thanks for your replies,

 i will finish putting together my home study courses that i have developed...i may not bother with seminars in australia....england and europe  are a lot more relaxed in the red tape department.

i have asked joe if i can offer some members of ASF my courses free of charge...before i release them on the open market...i am waiting for his reply.

I am an active trader and are happy to include trade statements with my materials (current ones)

i know with all the shady guys out there it is hard to be taken seriously, but as you guys know making a consistant living from the market can be challenging at the best of times.

i am not a guru nor do i think i am...i am just a guy who wants to make a living doing what he loves.

thank you for your time.


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## Visitpaul (21 November 2011)

Before cancelling Australia from your list, you actually have a few options: 

1. You can get an AFSL which will cost at least AUD $30,000 - $40,000 once you take into account legal costs, getting the licence, setting up the business and engaging third party providers (to arrange insurance cover and annual audit).  

2.  You can become an Authorised Representative of an appropriately licenced business.  There are a few in Australia that offer this service.  You pay an ongoing fee that you negotiate with the licensee.  This is much simpler than option 1, above.

You can ask more questions (and get answers like this) on the free compliance forum http://www.complianceforum.com.au. 

The forum is administered by a law firm - Holley Nethercote Commercial & Financial Services Lawyers


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## nomore4s (21 November 2011)

Visitpaul said:


> Before cancelling Australia from your list, you actually have a few options:
> 
> 1. You can get an AFSL which will cost at least AUD $30,000 - $40,000 once you take into account legal costs, getting the licence, setting up the business and engaging third party providers (to arrange insurance cover and annual audit).
> 
> ...




Visitpaul, this thread is over 5 years old now.


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## samsiu (18 March 2014)

Nasdaq Trader;

we could help , but it is very costly to run and keep all compliance in check, audit, insurances ect, especially you have to also set an australian company here, has a local director, it still can be done, 

maybe, you would like to work it under other's AFSL licence as an authorised representative.
please email me about your course, your "clients" or target group and generally how you charge.

regards sam
solomonpac@yahoo.com


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## bigheadache (21 March 2014)

samsiu said:


> Nasdaq Trader;
> 
> we could help , but it is very costly to run and keep all compliance in check, audit, insurances ect, especially you have to also set an australian company here, has a local director, it still can be done,
> 
> ...




Only 8 years old. Any other ancient threads you want to dig up?


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## Julia (29 August 2014)

This might be better in one of the SMSF threads but will try here first.

The current issue of AFR Smart Investor carries the following information:


> Accountants have traditionally opened SMSFs and assisted their clients under an ASIC licensing exemption.  This exemption is being removed effective July 1 2016 and accountants will need to either move into an AFSL structure or cease  and desist their involvement with SMSFs.  This will potentially affect half or almost 500,000 people with SMSFs."




Could some informed person explain whether an accountant who by that date does become so licensed is then considered to have the equivalent ability to provide financial and general investment advice (other than the basic accounting type stuff traditionally expected from an accountant) as any other financial adviser/planner?

With thanks.


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## Vixs (29 August 2014)

Julia said:


> This might be better in one of the SMSF threads but will try here first.
> 
> The current issue of AFR Smart Investor carries the following information:
> 
> ...




If they choose to get a license that covers the provision of advice on the same range of products or areas as a financial planner has, then they could provide the same advice that a planner could.

The reality is that most don't want to be planners and therefore are likely to get a more restrictive licence to continue providing the financial advice that they always did. Most accountants don't want to take the time to learn about insurance, or deal with superannuation products. Most definitely don't want to be portfolio managers.

Financial planning is not accounting, and accounting is not financial planning. What ASIC want is the ability to regulate the accountants recommending the establishment of SMSFs because most people getting them are receiving no advice, have no idea what they're doing and are rolling the dice with their retirement funds. This has previously had no repercussions for the accountants, but with the requirement to hold or represent an AFSL they will be subject to the same Best Interests Duty tests as the rest of the financial services industry, and will therefore need to justify why their client will be better off with an SMSF than in their current fund if they've recommended it.

Shouldn't change to much, I mean it's not like any accountant ever established an SMSF for a client simply so that they picked up the tax work and audit fees for the fund.


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## Julia (29 August 2014)

Thank you, vixs.  Very helpful.


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## RT14 (31 August 2014)

Nasdaq Trader said:


> I am looking for help with trying to obtain an australian financial services licence so i can teach seminars in australia. i have e mailed asic and they said that i need a licence but won't offer any help on how to obtain one.I live in new zealand and the rules are a lot more casual over here. any comments would be welcomed.




Somebody posting online about obtaining an AFSL fills everyone with confidence surely...

Here is some advice

Don't.


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