Catalyst applies a comprehensive process in assessing a licensee’s compliance systems, taking into consideration the size and nature of the licensee’s business.
The review will:
- Assess key documentation
- Test the application of control measures, policies and procedures
- Identify compliance and operational risks
in the following areas;
- Compliance arrangements
- Complaints management
- Breach Management
- Conflicts of interest management
- Risk management
- Financial Adequacy requirements
- Professional Indemnity insurance
- Research and APL
- Information Technology
- Disclosure documents
- Appointment & Cessation of representatives
- Representative supervision and monitoring
- CPD
- Financial product advice procedures (including SOA and ROA production)
- AML/CTF procedures
Retention of documentation to establish if the licensee is complying with the relevant;
- legislative requirements
- licence conditions
- ASIC’s Regulatory guides; and
- licensee internal requirements