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What are the general obligations of Australian financial services AFS licensees?


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What are the general obligations of Australian financial services AFS licensees?


1. Compliance with Australian Financial Services (AFS) Laws: AFS licensees must comply with all relevant AFS laws, regulations, and standards in order to maintain their license. This includes ensuring that their financial advisers, authorised representatives, and other staff are adequately trained and competent to provide financial services.

2. Financial Advisers and Authorised Representatives: AFS licensees must ensure that their financial advisers and authorised representatives are adequately trained and competent to provide financial services. They must also ensure that their financial advisers and authorised representatives comply with the financial services laws.

3. Transparency and Disclosure: AFS licensees must be transparent and disclose all relevant information to their clients. This includes providing detailed information about the products and services they offer, as well as any fees, commissions, and other charges associated with these products and services.

4. Professional Standards: AFS licensees must adhere to professional standards of conduct and practice. This includes maintaining the highest standards of integrity and professionalism when providing financial services.

5. Risk Management: AFS licensees must have adequate risk management systems in place to ensure that risks associated with their financial services are managed effectively. This includes developing and implementing policies and procedures to identify, manage, and monitor risks.

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