The aim of the quarterly formal review meetings is to facilitate the planning of compliance requirements, as well as ensuring that all regulations are being met.  The service should be a pro-active one, not just ticking the box on past actions.

Each quarter the following topics will be reviewed:

•   Complying with the conditions on your License.
• Complying with the Financial Services Law. 
•   Risk management systems.
•   Arrangements for managing conflicts of interest.
•  Relevance and appropriateness of all policies including Compliance and Investment
•   Dispute resolution system.
•   Ensuring your representatives comply with the financial services law.
•   Ensuring representatives are adequately trained and competent.
•   Maintaining the competence to provide your financial services.
•   Adequate human and technological resources.
•   Adequate financial resources.
•   Review of any FPA policies (if AFSL is a member).
• Under each of these headings there are numerous items that need to be reviewed to ensure compliance with the respective regulations and laws.

Each quarterly meeting will not only be about ensuring requirements have been met, but that registers are being kept up to date, training completed etc. Detailed action plans for events that are likely to occur in the following quarter will also be discussed, and action plans completed. These action plans will be followed up by Compliance Matters during the quarter, and then discussed at the next meeting. The aim of this meeting is to identify any issues or areas that are falling down, and to come up with practical solutions as to how they can be rectified.

Prior to each meeting an agenda will be circulated to ensure those attending can be prepared.

After each quarterly meeting minutes and action plans will be circulated within a week.

Annually the following events will be monitored:

•   Lodgment of Profit and Loss and an Auditor’s report to ASIC by the following dates.
•   Training Registers for all staff need to be re-established and gone through with each staff member.
•   Police checks and credit checks are required for RM’s.
•  PI needs to be renewed and reviewed, to ensure the conditions match the requirements of the License and FPA requirements.
•   If applicable the Security Bond should be renewed.
•   Renewal of membership with an EDRS.