AFSL Licensing and Authorisations: Getting Your AFS Licence Right First Time
Understanding AFSL Obligations
An Australian Financial Services (AFS) licence authorises you to provide financial services such as advising, dealing, making a market, or operating registered schemes. To obtain (or vary) an AFS licence you must demonstrate competent Responsible Managers, fit-and-proper governance, adequate financial resources, robust compliance arrangements, professional indemnity (PI) insurance, conflict management, training/competence (e.g., RG 146), dispute resolution (AFCA), and record-keeping that stands up to ASIC scrutiny.
Why AFSL Licensing Matters
A well-designed AFS licence sets the scope, speed and scalability of your business. Poorly scoped authorisations, weak Responsible Manager coverage or thin policies delay approvals, constrain growth, and raise remediation risk. Strong licensing foundations align your operating model to obligations, enabling faster product launches, cleaner surveillance, and fewer surprises under audit or thematic reviews.
Key Challenges Facing Firms
Scoping authorisations correctly (what you do today vs. near-term roadmap).
Responsible Manager coverage and competence (gaps across each authorisation).
Evidence packs (policies, procedures, compliance plans, monitoring, MI).
Financial resources & PI insurance aligned to business scale and risk.
Third-party/outsourcing controls for key functions and distribution.
Change management (variations, acquisitions, new products, cross-border).
How OCG Can Help
Oceanic Consulting Group (OCG) helps new and established firms secure, vary and optimise AFS licences with practical, defensible submissions and operating controls.
Our licensing services include:
Licence scoping & roadmap (current vs. future state; authorised reps/outsourcing).
Responsible Manager strategy (gap analysis, competence evidence, coaching).
Policy & control libraries (conflicts, conduct, surveillance, complaints, breach reporting, DDO).
Compliance plans & monitoring (assurance, MI, issue management).
Financial resources & PI alignment; AFCA readiness and customer outcomes.
Variation projects & remediation following growth, audits, or ASIC engagement.
FAQs
What is an AFS licence?
A regulatory permission that allows entities to provide defined financial services and products in Australia, subject to ongoing obligations.
How long does licensing take?
Timeframes vary with scope and evidence quality. A clear scope, complete policies, and appropriate Responsible Managers significantly reduce delays.
Do we need a local presence?
You must be able to demonstrate control and oversight of Australian activities, including competent Responsible Managers and compliant arrangements.
Strengthen Your AFSL Licensing Programme
Work with OCG’s Licensing & Compliance Specialists
Build a licence that fits your strategy and stands up to scrutiny. Contact OCG to scope authorisations, evidence Responsible Manager competence, and embed policies, monitoring and MI that accelerate approval and support sustainable growth.
