Meeting your licensing obligations

If you are an authorised representative, the ongoing licensing obligations will be met by your licensee. If you have opted to obtain your own limited licence, this section provides a snapshot of your obligations.

Meeting your licensing obligations

What you need

  • Compliance procedures
  • A person responsible for compliance
  • At least one responsible manager
  • A reporting mechanism for your licensing obligations
Meeting your licensing obligations

What you need

  • A documented risk management plan
Meeting your licensing obligations

What you need

  • People to provide the advice
  • People to supervise those providing the advice, ensuring they are appropriately trained
  • People to manage compliance and complaints procedures
Meeting your licensing obligations

What you need

  • Solvent and positive net assets
  • Surplus cash requirements
  • Adequate professional indemnity
  • A system for maintaining client records
Meeting your licensing obligations

What you need

  • Before client contact (entities and branding, understanding your authority, marketing material)
  • Initial disclosure requirements (FSGs, fact finds, engagement letters, SOA, risk profiling, PDSs etc)
  • Ongoing requirements (files notes/ROAs, FDS, complaints handling procedures)

We are developing tools and resources for accountants who have transitioned to licensing.  Tell us more about the support you need, so that we can refine our offers.

Where do you need additional support?

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