"Perfect storm" ahead for AFSLs in 2026
The next 12 months represents a significant regulatory challenge for Australian Financial Services Licensees (AFSLs). This is not a "business as usual"...
Move to micro makes sense, but comes at a cost for advice businesses
There are untold benefits in shifting to a self-licensed advice model, but the move also comes with a host of dangers. Practice owners need to ask themselves...
Advisers shift out of one-man shops as more 'Micro-AFSLs' close doors in 2024
After the Hayne Royal Commission many advisers decided to steer away from large dealer groups in favour of becoming self-licensed. In the last six months,...
Licensing update: Learning from Lanterne
ASIC's successful case against the rogue "licensee for hire" serves as a timely reminder of what can happen when AFSLs aren't on top of their compliance...
ASIC sounds major warning on 'licensee for hire' firms
ASIC made no secret of its assertion that Lanterne operated purely as a "licensee for hire", which is an ominous reminder for licensees operating with thin...
'Their mood will change': Lawyer warns against licensees signing sophisticated investor test
Cowell Clarke lawyer Richard Hopkin said there are reasonable grounds for licensees to certify clients as wholesale, but the practice invites a much higher...
ASIC warns licensees to improve 'inappropriately narrow' remediation practices
After publishing two separate guides and with the Financial Accountability Regime firmly in mind, the regulator was scathing of licensees' collective...
'Micro AFSLs' surge as dealer group models lose grip on advice licensing
The quantum of licensees may be growing, but none of that growth is coming from the big end of town. Advice groups are increasingly eschewing larger groups and...
ASIC laments licensee 'lag and drag' after $5.6 billion customer remediation bill
The corporate regulator has delivered a stern warning to licensees with the release of its guide on consumer remediation. After overseeing billions in...