Monthly Updates

Click on the links to go to the latest version of each document.

Please note research updates are provided once the previous months figures have been reported by fund providers.

Updated Policies

Updated Templates

Summary of changes and actions

Legislation Area Summary of Actions Policies or applicable documents
Breach Reporting
  • Update your current policies
  • Update your Breach register
  • Familiarise yourself with the new requirements and deemed breach list
  • Report any breaches within 30 days and any investigations into potential breaches that go beyond 30 days.
  • Retain records to demonstrate you are complying with the obligations
  • Remediate any breaches and provide updates to ASIC on any reported matters in a timely manner.
  • Client misconduct become familiar with the requirements and adhere to the time fames if required.
  • Retain records to demonstrate you are complying with the obligations
  • Keep register up to date
  • Breach, Audit and Supervision policy has been updated and incorporates the previous Breach Policy and Process.
  • Updated Breach Register and new Deemed breach list
  • Updated Compliance Diary
  • Updated Compliance Committee templates
  • Updated Risk and Compliance framework
Design and Distribution Obligations (DDO)
  • Update your Best Interest Policy
  • Familiarise yourself with the new requirements
  • Decide and document how you are going to record if advice is personal/execution only/ general advice if you use CWT this will be available from 27 September 2021
  • Decide and document how you are going to record if advice is inside/outside the TMD if you use CWT this will be available from 27 September 2021
  • Determine threshold for significant dealings e.g. 10/20/30% and how often you will be running reports on significant dealings e.g. quarterly/  6 monthly
  • Obtain TMDs of the product you use regularly and become familiar with them. If you use CWT these will be in Risk Research and WealthSolver.
  • Compile a list of providers you use and record their significant dealings and complaints reporting requirements. For platforms you need to report to the platforms not the underlying investments on the platform (unless you access these directly off platform)
  • Good news since our last LaVista live session you now only need to report complaints if you receive a complaint on a product. (Unlike the initial drafting where you were going to have to report if you have nil or no complaints.)
  • From 5 October commence recording personal/general/execution only and within/outside TMD.
  • Provide significant dealings and complaints reports to providers as per the time periods specified on the TMD (most appear to be either quarterly or 6 monthly).
  • If you have a product like a MDA or Managed account that needs a TMD ensure you have a TMD in place by 5 October 2021 and then comply with the requirements for issuers.
  • Retain records to demonstrate you are complying with the obligations
  • Updated Best interest and related obligations policy now incorporates DDO requirements
  • New Complaints Reporting and Significant dealings templates including the industry data standards. These are currently still being finalised by the FSC and as soon as they ready we will provide them.
  • Updated Compliance Committee templates
Complaints handling
  • Update your Complaints policy (internal)
  • Publish your public complaints handling policy. This can be on the Licensee or CAR website by 5 October 2021.
  • Update your complaints register to the new version which includes the required ASIC data fields
  • Familiarise yourself with the new requirements
  • Ensure your FSG refers to the 30 day time frame to respond
  • Provide complaints reporting to ASIC 30 days after the end of the reporting period (to be confirmed)
  • Retain records to demonstrate you are complying with the obligations
  • Keep register up to date
  • Updated Complaints Policy (Internal)
  • New Complaints Handling Policy (Public)
  • Updated Complaints Register
  • Updated Compliance Committee templates
Reference checking
  • Update your Appointment and Termination Policy
  • Update your internal appointment processes
  • Familiarise yourself with the new requirements
  • If you do not currently have a policy we recommend that put on in place as reference checking will now form part of your s912 General Licence Obligations.
  • Ensure you follow the process for any advisers that you authorise from 1 October 2021.
  • Ensure you respond to requests for reference checks within 10 days.
  • Ensure you retain records for reference checking e.g. your reference checks and requests from other licensees.
  • Updated Appointment and Termination Policy
  • Updated Appointment and Termination Checklists
  • Updated Compliance Committee templates

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