catalyst obtaining afsl 1

Considering obtaining your own Australian Financial Services License (AFSL)? Trying to comprehend the application process and the prerequisites associated with an application? Realised the massive amount of time and resourcing you would have to sacrifice? You have identified it makes sense to have your own license but is the process just too daunting?

Catalyst has successfully assisted a number of clients to obtain their AFSL. We can guide you through the maze and protect your productivity.

  • Our license application process begins with a half day on site project meeting to ensure that all aspects of the requirements for your license submission are covered. The meeting allows Catalyst to obtain a detailed understanding of your business and your objectives.
  • We assist in putting together the range of documentation (core proofs) required to be submitted to ASIC. Whilst we attempt to get it completed as quickly as possible there are a range of tasks that your business will need to undertake that we will then need to document for you. This process also involves decisions around the day to day management of your business and the overarching compliance plan, necessary to demonstrate to ASIC your ability to manage a license.

Membership of an External Dispute Resolution Scheme is mandatory for all Licensees and an application will be made to the Financial Ombudsmen Service (FOS) for membership. 

Professional Indemnity Insurance is required and we will provide a referral to/ or liaise with, a broker to effect an application for the Licensee.Once the documentation is completed and your final review is conducted, we obtain your sign off and forward the submission to ASIC. We then liaise with ASIC regarding the application. ASIC’s response time to your license submission is dependent upon their workload and their available resources.

There can be the need for further submissions to ASIC following the initial license application. Whilst we attempt to get the license process completed as quickly as possible you should allow 3 – 4 months for the license to be issued.

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