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Why is an AFSL required?

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Why is an AFSL required?

An AFS licence is required for businesses that provide certain financial services to clients. This is because these services involve the handling of money, and the Australian Securities and Investments Commission (ASIC) needs to ensure that these services are provided in a safe and responsible manner.

An AFS licence requires that businesses have appropriate systems and processes in place, such as risk management and compliance systems, to ensure that the financial services they provide are in the best interests of their clients. This includes having adequate resources, such as staff and technology, to provide the services.

An AFS licensee must also have adequate insurance in place to protect their clients’ funds, and must have a dispute resolution process in place to handle any complaints. In addition, an AFS licensee must comply with all relevant laws and regulations and must report regularly to ASIC. This ensures that the business is operating in a transparent and accountable manner.

Overall, an AFS licence is required in order to ensure that financial services are provided in a safe and responsible manner and to protect the interests of clients.

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