Compliance reviews for independents

by |

A compliance service has been launched for more than 90 independently owned Australian financial service licence holders.

Association of Independently Owned Financial Professionals (AIOFP) executive director Peter Johnston confirmed Argyle managing principal Peter Bobbin has been given the responsibility of providing the AFSL review service to its members.

Argyle – part of the Rockwell Olivier national legal group – has contracted and partnered with My Dealer Services (MDS) to undertake the AFSL compliance reviews under an exclusive arrangement.

Practice appraisals will be done by Frank Smith’s Adviser Compliance Services. 

Choosing MDS was “easy” as they have a good industry reputation after processing more than 100 licence applications for advisers and dealer groups, said Bobbin.

MDS was founded as a specialist support service provider for advisers seeking their own AFSL.

Johnston said he was confident AIOFP’s members will appreciate benefits delivered through the comprehensive review.

He also said any potential issues will be identified and remedied quickly.

MDS, a support service provider for advisers seeking their own AFSL, has experienced a significant boost in demand as advisers seek to become self-licensed over the past year.

FoFA changes have given a particular push to those wanting more flexibilty and independence. Dissatisfaction with dealer groups amid grandfathering changes has also provided impetus for advisers to seek their own AFSL.

More stories:

Advisers doing it for themselves

Grandfathering: Boutique licensees better off