Financial Services Compliance Checklist for Australian SMBs

Small financial services businesses — financial advisory practices, mortgage broking businesses, insurance broking firms — operate under some of the most complex regulatory requirements of any industry in Australia. ASIC, AFCA, FASEA standards, Privacy Act, employment law, and tax obligations all compete for your attention.

This checklist consolidates the key compliance requirements across all these domains so you can assess your status and prioritise what matters. For your ASIC registration specifically, see our dedicated guide.

---

Part 1: Licensing and ASIC Obligations

• [ ] AFSL or ACL is current and covers all activities being conducted
• [ ] AFSL/ACL conditions are understood and being observed
• [ ] Authorised representatives are properly appointed and supervised
• [ ] Responsible managers meet the qualification and experience requirements for the licence
• [ ] ASIC details are current (address, directors, business activities)
• [ ] Annual ASIC review fee paid on time
• [ ] Financial advisers register is up to date for all advisers
• [ ] Significant breach reporting is in place — process for identifying and reporting significant breaches within 30 days

---

Part 2: Client Obligations (AFSL Holders)

• [ ] Financial Services Guide (FSG) is current and provided to clients before services are provided
• [ ] Statements of Advice (SOA) are prepared and provided for all personal advice
• [ ] Ongoing Fee Disclosure Statements (OFDS) issued annually to clients on ongoing fee arrangements
• [ ] Annual fee consent obtained from all clients on ongoing fee arrangements
• [ ] Conflict of interest register maintained and conflicts disclosed in advice documents
• [ ] Best interests duty requirements met in advice process
• [ ] Records of advice maintained for required period (7 years for personal advice)

---

Part 3: Training and Competency

• [ ] All financial advisers meet current FASEA education standards (qualifying degree or equivalent)
• [ ] All advisers have passed the financial adviser exam (or have an exemption)
• [ ] CPD requirements met for all advisers (40 hours/year, including 10 hours Ethics; 5 hours Technical competence; etc.)
• [ ] CPD records maintained
• [ ] Authorised representatives are appropriately trained for the financial services they provide

---

Part 4: Dispute Resolution

• [ ] AFCA membership is current
• [ ] Internal dispute resolution (IDR) procedure meets the new ASIC RG 271 requirements
• [ ] IDR response timeframes being met (max 45 days for most complaints)
• [ ] Complaints register maintained
• [ ] Clients are told how to access IDR and AFCA in FSG and SOA documents

---

Part 5: Professional Indemnity Insurance

• [ ] PI insurance is current and meets ASIC's requirements for your licence type
• [ ] Coverage is adequate for your business activities and size
• [ ] Renewal date tracked with advance reminder

---

Part 6: Responsible Lending (ACL Holders)

• [ ] Responsible lending assessment process documented
• [ ] Verification of consumer financial circumstances before credit recommendations
• [ ] Credit guide provided to consumers before credit assistance
• [ ] Hardship process documented and communicated

---

Part 7: Privacy and Data Security

• [ ] Privacy Policy is current and accessible to clients
• [ ] Client data is collected only for legitimate purposes
• [ ] Data security measures are in place (encryption, access controls, secure disposal)
• [ ] Data breach response plan exists and has been tested
• [ ] Staff trained on privacy obligations

---

Part 8: Employment and Payroll

• [ ] Employment contracts in place for all staff
• [ ] Applicable award identified (Finance Industry Award covers many roles)
• [ ] Pay rates at or above award minimums (updated 1 July each year)
• [ ] Super paid at 12% and on time
• [ ] STP Phase 2 configured correctly
• [ ] Pay slips issued within one working day of each pay run

---

Part 9: Tax and Business Registration

• [ ] ABN and GST registration current
• [ ] BAS lodged on time
• [ ] Company annual review fee paid to ASIC
• [ ] Business name registration current

---

How Reguladar Helps

Reguladar gives financial services business owners a single compliance dashboard tracking all obligations in one place — ASIC, privacy, employment, and tax. For universal business obligations, see our small business compliance checklist.

Start your free compliance check at Reguladar →

This checklist is general information only. Financial services regulatory requirements are complex. Seek professional compliance advice.