The paperwork involved in applying for, or varying an AFSL includes completing the ASIC Form FS01 (Application for Australian Financial Services Licence) or Form FS02 Application for variation of authorisation and other conditions). Additionally, you will need to provide various supporting documents such as a business description, financial statements, organisational competence, and people proofs for your responsible managers.

Once a Draft AFSL or Draft Variation to an AFSL is granted by ASIC, there will be further requirements such as proof of professional indemnity insurance and membership of an external dispute resolution body – namely the Australian Financial Complaints Authority (AFCA).

The ongoing requirements of an AFSL include demonstrating that the people in your business are fit and proper to provide financial services, having adequate financial resources, and implementing adequate risk management systems. You must also comply with the regulatory requirements set out in the Corporations Act 2001 and the ASIC Regulatory Guide 105 (Licensing: Organisational competence).

Integrity Compliance plays a crucial role in ensuring your application can be processed smoothly and within the shortest timeframe possible, whether it be to apply for a new AFSL or vary the AFSL you currently hold.