Compliance Checklist



Prior to completing this Checklist please refer to the Compliance Policy & Procedures to ensure the effective use of the document. It is critical that the review process achieves a complete & truthful identification & communication of all breaches.

Completion of this form by the Compliance Officer involves confirmation that where possible & practical all Indicators of Compliance have been verified & any compliance issues identified have been documented in the Comments field, the Compliance Breach Register has been updated & all reporting requirements as stipulated in the Compliance Policy & Procedures have been completed. It also serves to confirm that all significant breaches as indicated in the RG78 – Breach Reporting By AFS Licensees RG78 Breach Reporting By AFS Licensees have been reported. Abbreviations – B Board, O Operational,

Period Ended      /      Name & Title       Signature       Date       /       /      

|Compliance Question |Applies |Source |Level |Impact |Indicators of Compliance |Comments |

| |To | | | | | |

|If there has been a change in |All |General AFS |O |Med |If new Compliance Officer have they undergone training as follows: | |

|Compliance Officer from Previous | |obligation | | |MSM Training Module, |      |

|Checklist have they been trained | | | | |Read Compliance Policy & Procedures, | |

|appropriately etc.? | | | | |Completed formal handover from previous Compliance Officer | |

| | | | | |Has Org Chart been updated, all staff & representatives advised of | |

| | | | | |change. | |

|Are all relevant documents stored & |All |ASIC Guidelines |O |Low |The formal process for retention, storage & destruction of documents & | |

|retained as required? | | | | |computer records as laid out in the Staff Policies & Procedures is |      |

| | | | | |implemented & effective. | |

| | | | | |SOA’s/Statements of Additional Advice, & samples of Financial Services | |

| | | | | |Guides & Product Disclosure Statements kept for 7 years | |

| | | | | | | |

| | | | | | | |

| | | | | | | |

| | | | | | | |

| | | | | | | |

|Have the APRA Form 701 Reports been |Licensees |Reg 7.6 B |O |Med |Requirement to lodge Form 701 with APRA | |

|completed & lodged with APRA as |placing general | | | |Table 1 for all general insurance intermediaries. |      |

|required. |insurance | | | |Table 2 is required to be lodged if dealing directly with overseas | |

| |business | | | |insurers. This must be done using the APRA D2A software. | |

| | | | | |Reports due 20th Jan & 20th July each year. | |

|Has the business lodged its annual |All AFSL’s |ASIC Supervisory |O |Med |Annual lodgement has been made. | |

|business activity metrics with ASIC by |required to |Cost Recovery Levy| | | |      |

|end of September. |lodge metrics |Act 2017 | | | | |

|Is a list of all PDS’s/FSG’s used in |Retail Client |ASIC Guidelines |O |Low |A document register of all PDS’s/FSG’s is maintained. | |

|the business maintained? |business | | | |A formal process regarding the use & replacement of PDS’s & FSG’s is |      |

| | | | | |being followed. | |

|If electronic delivery of FSG / PDS / |All clients |RG221 & ASIC Corps|O |Low |Option for client to opt out of electronic delivery. | |

|SOA is there opt out provision provided| |Inst. 2015/649 | | |FSG / Client Documentation highlights electronic disclosure process. |      |

|to client of electronic delivery | | | | |Electronic delivery meets ASIC’s Best Practice guidelines. | |

|process. | | | | | | |

| | | | | | | |

| | | | | | | |

| | | | | | | |

| | | | | | | |

|Is the General Insurance Code of |U/W Agents & |General Insurer |O |Medium |All relevant staff have either all read the new Code or have received | |

|Practice 2020 being effectively |Brokers acting |Code of Practice | | |Training on the Code. |      |

|complied with by the business? |under Binders |2020 | | |No breaches of code identified in review period as confirmed by | |

| | | | | |Complaints Register & Compliance Breaches Register | |

| | | | | |Any significant breaches of Code advised to AFCA within 10 days or to | |

| | | | | |Lloyds within 7 days. | |

| | | | | |March 2018 Guidance Note on Hardship Assistance process provided to all | |

| | | | | |relevant staff. | |

|Are Duty of Disclosure (DOD) & other |All |Insurance |O |Medium |DOD included on the front or reverse of all invoices or included as an | |

|notices provided when required? | |Contracts Act, | | |attachment to all invoices. |      |

| | |AFCA, Insurance | | |Staff understand & have access to the Insurance Contracts Act. | |

| | |Brokers Code of | | |All relevant notices sent out or included on stationary. | |

| | |Practice | | |DOD Notice updated to refer Consumer Insurance Contracts no later than | |

| | | | | |5/9/21. | |

|Are Key Fact Sheets (KFS) being |AFSL’s that act |Insurance |O |Medium |KFS created for all relevant policies that provide Home Building & | |

|provided to clients where required? |under Binders & |Contracts Reg’s | | |Contents cover including Strata/Landlords & Farm covers. |      |

| |deal directly |Amendments 2012 | | |All new staff are provided with training on the KFS requirements. | |

| |with home & |No.2. | | |Systems in place to send out KFS at time of policy commencement & | |

| |contents clients| | | |whenever KFS changes. | |

| | | | | |No identified breaches of requirements. | |

|Is the Insurance Brokers Code of |Brokers who are |Insurance Brokers |O |Medium |All existing Staff have had training on the new Code | |

|Practice being effectively complied |NIBA members & |Code of Practice | | |All new staff are provided with training on the Code as part of |      |

|with by the business? |those who have | | | |Induction. | |

| |formally | | | |Staff know where to access the Code. | |

| |subscribed | | | |Fees disclosed on all written documents & email’s, faxes, letters & | |

| | | | | |invoices where required. | |

| | | | | |No breaches of code identified in review period as confirmed by | |

| | | | | |Complaints Register & Compliance Breaches Register | |

|Is any Approved Product Listing |Licensees who |License |O |Low |Listing exists with indicators that the list is being reviewed on a | |

|maintained & up to date? |advised ASIC |Application | | |regular (monthly/quarterly) basis. |      |

| |that they had an| | | |If no listing a file note at a management meeting that a list is no | |

| |Approved Product| | | |longer to be maintained & explanation of how staff are to select | |

| |Listing | | | |products. | |

|Has an external compliance firm been |ASIC |Nil |O |Low |Documentation showing the review being undertaken on past six to twelve | |

|engaged & conducted a review? |expectations and| | | |months. |      |

| |Best Practice | | | |A Board/Senior Management note (Board Minutes/Business Plan) advising | |

| | | | | |that a Compliance review is not to be undertaken. | |

|Have all new staff had all relevant |Refer to answer |License |O |Low |Review of new staff indicates compliance with staff checking processes. | |

|checks completed? |on Licence |Application | | |Note in file signed by RM, waiving check processes with explanation. |      |

| |Application | | | |Note in management documents explaining a formal change in checking | |

| | | | | |process. | |

| | | | | |Use of comprehensive & current Staff Induction form. | |

|Have clients been advised of any |All |License Condition |B |High |In event of banning, advice to clients of staff in past 3 years. | |

|banning of staff/representative? | | | | | |      |

|Does business record the date the FSG |All |Licence Condition |O |Med |A date sent is individually recorded for each client. | |

|is supplied to each client, including | | | | |FSG Versions & dates are recorded either individually or across the |      |

|Version No. where relevant? | | | | |business. | |

| | | | | |Other business wide systems in place to have FSG sent & date able to be | |

| | | | | |confirmed. | |

|If the AFS Licence includes a Key |Licenses with |License Condition |B |High |No change in sole Responsible Manager has occurred or expected. | |

|Person condition in relation to an RM &|Key Person | | | | |      |

|the RM has been or is expected to no |condition (Sole | | | | | |

|longer be an RM have the conditions |RM) | | | | | |

|been met? | | | | | | |

|Is there an effective Privacy Policy & |All |Privacy Act |O |Low |Staff understand & know where to access the Policy; Staff can explain key| |

|approach operational? | | | | |objectives of the Policy. |      |

| | | | | |There are no identified systemic breaches of Policy. | |

| | | | | |There are no complaints recorded in the Complaints Register regarding | |

| | | | | |Privacy. | |

|Is there an effective identification & |All |Privacy Act |O |Low |The business has created & maintains a list of all overseas suppliers (Ex| |

|analysis where information is sent / | | | | |UK/ EU & USA) that are sent/ share/ store personal information. |      |

|stored / shared with overseas | | | | |The business plan includes commentary that Table is reviewed annually. | |

|businesses. | | | | | | |

|Is there an effective National Data |All |Privacy Act |O |Low |The business has created & maintains NDB related policies & procedures. | |

|Breach (NDB) management & compliance | | | | |All staff have been provided an overview of NDB obligations. |      |

|program in place? | | | | |NDB obligations included in new staff & representative induction | |

| | | | | |processes. | |

| | | | | |Privacy officer is aware of NDB obligations. | |

| | | | | |The business plan includes commentary that Privacy Policy is reviewed | |

| | | | | |annually. | |

|Does the business only use insurers |All |Procedures Manual |O |Low |Review use of unauthorised/non preferred suppliers & documentation | |

|approved by the Responsible Manager? | | | | |supplied to / received from client at time of usage. |      |

|Is the Organisational Chart / Table |All |RG104 |O |Low |Confirm current Organisation Chart accessible to all staff. | |

|current? | | | | | |      |

|Are Directors of business kept informed|All |RG104.49 |B |Med |Documentation showing directors are provided with copies of Compliance | |

|on Compliance issues? | | | | |Breach Register at each Board Meeting & all “B” level breaches are |      |

| | | | | |reported to Board. | |

|Is the business complying with its |All |RG166 |O |High |Effective implementation of our Financial Policy & Procedures Monthly | |

|Financial obligations? | | | | |financial reports received in a timely fashion. |      |

| | | | | |Actual business finances in line with or exceeding our plan. | |

| | | | | |No adverse financial issues likely to impact business. | |

| | | | | |Current year financial budgets likely to be achieved. | |

|Is the business complying with its IT |All |RG104 |O |Medium |Staff understand & know where to access Information Technology Policy & | |

|Policy & Procedures? | | | | |Procedures. |      |

| | | | | |A current IT Co-Ordinator & back up staff member in place. | |

| | | | | |Back up procedures implemented. | |

| | | | | |Restore test completed quarterly or as scheduled. | |

|Is the business complying with its |All |RG104 |O |Low |No changes in outsourcing arrangements made without Board approval & | |

|Outsourcing Policy & Procedures? | | | | |update to the Policy. |      |

|Are all of the Internal Controls of the|All |RG104 |O |Low |Staff access & understand Position Descriptions/Task Allocation Table | |

|business operative? | | | | |(where implemented) & Organisation Chart. |      |

| | | | | |Position Descriptions/Task Allocation Table (where implemented) kept up | |

| | | | | |to date. | |

|Is the business complying with its |All |RG181 & S912A |O |Low |Conflict management allocated to staff member in Organisation Chart, | |

|Conflicts of Interest Policy & | |(1)(aa) | | |Staff briefed on Conflict Management requirements. Identification table |      |

|Procedure? | | | | |created. | |

| | | | | |Management Plans implemented & followed, annual review included in | |

| | | | | |Business Plan. | |

| | | | | |No complaints regarding conflict situations. | |

|Are active Spotter/Referrers disclosing|All |Reg 7.6.01 E (iii)|O |Low |Check Spotter/Referrer marketing material includes relevant remuneration | |

|their remuneration at time of referral?| | | | |disclosure. |      |

| | | | | |Confirm with S & R that remuneration is also provided in all verbal | |

| | | | | |referrals. | |

|If there are/have been change in |All |Reg. 7.6.03 |B |High |No change in Directors/Secretary expected. | |

|Directors or Secretary, details have | | | | |ASIC advised in 10 days if changes are being made. (Existing |      |

|ASIC been advised? | | | | |requirement). | |

| | | | | |Directors not on ASIC Banned Register. | |

|Is the business expected to continue |All |Reg. 7.6.04(1)(a) |B |High |No significant adverse change in overall business circumstances, business| |

|successfully? | | | | |continues trading. |      |

| | | | | |ASIC advised in 3 business days if change. | |

|Has there been any change in Licensees |All |Reg. 7.6.04(1)(b) |B |High |Change of name advised within 14 days, all other changes within 10 days. | |

|particulars – names, addresses, RM’s? | | | | | |      |

|If there have been any change in |All |Reg. 7.6.04(1)(i) |B |High |No change in ownership/board control expected. (Control means 51 % of | |

|control of the business has this been | | | | |voting shares or majority control of Board). |      |

|advised by ASIC? | | | | |ASIC advised in 10 days via FS20 Form. | |

|Are all remuneration amounts received |Retail Clients |Reg. 7.7.10A |O |Low |SOA templates all include provision for all remuneration received or paid| |

|by the Licensee & paid to AR’s/Spotters|Only | | | |by us to be expressed in dollar terms. |      |

|expressed in dollar terms in the SOA’s | | | | |Sample of SOA’s checked to ensure client SOA’s show dollar amounts. | |

| | | | | |(Effective from 01/3/05) | |

|Are payments of Client Monies to other |All |Reg. 7.8.02 (1A) |O |Low |All payments of Client Monies to other AFSL’s (U/W Agents & Wholesale | |

|Licensees appropriately identified? | | | | |Brokers) includes advice that payment is Client Monies & must be banked |      |

| | | | | |into a Trust A/c.. | |

|Have all premium payments been made to |All |Reg. 7.8.08 |O |Low |Relevant staff aware of requirement. | |

|insurers within 90 days of inception? | | | | |Exception reports in place, reviewed & actioned. |      |

| | | | | |No consistent non-payment identified. | |

| | | | | |System must be set up so that 100 % of payments are made within 90 days. | |

|Have all payments from insurers to |Broker |Reg. 7.8.08 |O |Low |Relevant staff aware of requirement. | |

|clients been made within 7 days of | | | | |Exception reports in place, reviewed & actioned. (Winbeat users to run |      |

|receipt? | | | | |Reports – Trust Account Analysis – Code 104 (Amounts due to insureds) on | |

| | | | | |a weekly basis) | |

| | | | | |No consistent non-payment identified. | |

| | | | | |Date of receipt is date taken up from insurer or date received. | |

|Have all cases of premium unpaid over |Broker |Reg. 7.8.08 (03) |O |Low |Relevant staff aware of requirement to advise insurers. | |

|90 days advised to insurer within 7 | | | | |Exception reports in place, reviewed & actioned. |      |

|days? | | | | |No consistent non-advice identified. | |

|Does business only cancel policies due |Broker |Insurance |O |Med |Relevant staff aware of requirement to get instructions from insurer. | |

|to non payment on instructions from | |Contracts Act | | |Sampling of cancelled policies indicates process being followed. |      |

|insurer? | | | | | | |

|Do business records identify |All businesses |Reg. 7.8.11 |O |Low |Staff aware of requirements. | |

|unauthorised foreign Insurer (UFI) |dealing with | | | |Appropriate records maintained. |      |

|transactions as required & document |UFI’s | | | |Identify & check sample of policies involved. | |

|appropriate exemption? | | | | |Can only be effectively controlled if there is a foreign insurer flag at | |

| | | | | |the Policy Level. | |

| | | | | |UFI’s only used where an exemption applies | |

|Unable to use the words Financial |AFSL’s not |S923C |O |Low |The words are not used in the business. | |

|Planner or Financial Adviser |authorised for | | | |Check standard letters |      |

| |Personal Advice | | | |Check Website & Marketing Material | |

| |or only | | | | | |

| |authorised in | | | | | |

| |Gen. Insurance /| | | | | |

| |Cons. Credit / | | | | | |

| |Basic Deposits | | | | | |

|If Personal Advice is provided to |Personal Advice |Reg 7.6.06B |O |Medium |All relevant advisers have been added to ASIC Register. | |

|Retail Clients for Investment style |& Retail Clients| | | |All details are current & up to date |      |

|products the business must register all|& select | | | |All ex Advisers have been removed. | |

|relevant advisors on the ASIC Connect |products. | | | | | |

|site as Advisers. | | | | | | |

|If Personal Advice is provided to |Retail Clients |S961B |O |Medium |Business has commenced implementing processes to comply. | |

|Retail Clients there is an obligation |Only | | | |Business has allocated task of compliance to an individual or team. |      |

|for advisers to act in the best | | | | |Staff have been trained in “Best Interest” obligation. | |

|interests of the client. | | | | |Policies & Procedures have been updated accordingly. | |

|If Personal Advice is provided to |Retail Clients |S962 |O |Medium |Business has made a formal assessment of whether the FDS obligations | |

|Retail Clients & an annual fee is |Only | | | |apply. |      |

|charged for this service are clients | | | | |FDS have been sent to clients as verified by reviewing sample of client | |

|provided with a Fee Disclosure | | | | |files. | |

|Statement (FDS). | | | | |Policies & Procedures in place detailing processes for sending FDS to | |

| | | | | |clients. | |

| | | | | |Staff have been trained in FDS obligations. | |

|If Advice is provided to Retail Clients|Retail Clients |S963 |O |Medium |Business has made a formal assessment of whether it receives Conflicted | |

|is there an effective ban on receiving |Only | | | |Remuneration. |      |

|& / or paying Conflicted Remuneration. | | | | |All identified Conflicted Remuneration arrangements have been terminated | |

|Does not apply to General Insurance or | | | | |or amended as required. | |

|Life Insurance (outside Super). | | | | |Policies & Procedures in place detailing processes for avoiding | |

| | | | | |Conflicted Remuneration. | |

| | | | | |Staff have been trained in what is Conflicted Remuneration. | |

|Are Product Disclosure Statements (PDS)|Retail Clients |S1010 – S1016 |O |Medium |Relevant staff aware of requirements. | |

|provided to clients as required? |Only | | | |PDS issued with all New Business quotations/transactions. |      |

| | | | | |Process in place to replace old PDS documents. | |

| | | | | |Staff advised of PDS changes/updates. | |

| | | | | |Standard letters & emails refer to PDS where relevant. | |

|If the business receives Client Money |U/W Agents Only |S1017E |O |Low |Relevant staff aware of requirements. | |

|prior to arranging insurance is it | | | | |No Client Money received for policies or renewals that have not been |      |

|banked to the Trust A/C & refunded | | | | |issued. | |

|within 30 days if the insurance is not | | | | |Unmatched cash transactions would be trigger. | |

|placed? | | | | | | |

|Does the business confirm all new |Retail Clients |S1017F |O |Low |Broking Policy & Procedures implemented & effective. | |

|covers, changes, cancellations as soon |Only | | | |Relevant staff aware of requirements. |      |

|as practical? | | | | |Transactions confirmed as required. | |

| | | | | |Invoices raised on day transaction occurs. | |

|If there is any product advertising |All |S1018 |O |Low |No changes in advertising expected. | |

|does it disclose AFS Licence No & refer| | | | |Advertising checked for compliance with S1018. |      |

|to FSG where relevant? | | | | |Reference FSG made in all advertising where relevant. | |

|Are clients made aware of Cooling Off |Retail Clients |S1019 |O |Low |Relevant staff aware of requirements. | |

|periods in time critical situations? |Only | | | |Oral Disclosure script includes cooling off information. |      |

| | | | | |Advice provided when required. | |

|Is the business complying with the |All |S1041E, S1041F, |B |High |All information provided by the business is checked for accuracy, is not | |

|requirements to not involve itself in | |S1041G, RG234 | | |misleading or deceptive. |      |

|false & misleading conduct, inducing | | | | |The business has a philosophy of doing the right thing by the client & | |

|clients to deal or deceptive conduct? | | | | |being a good corporate citizen. | |

| | | | | |All promotional material has been checked that it meets the guidance set | |

| | | | | |out in RG234 | |

|Is the business complying with the |All |S45 – S50 |O |Medium |Staff understand & have access to the Competition & Consumer Act 2010. | |

|requirements of the Competition & | | | | |The business does not engage in any anti competitive activities, price |      |

|Consumer Act 2010? | | | | |manipulation etc. | |

|Is the business complying with its |General |S911B 1(a) & ASIC |M |Medium |Is there a register of all Distributors appointed by the business? (On | |

|requirements in regard to the |Insurance Only |Legislative | | |Organisation Chart) |      |

|appointment of & disclosure required of| |Instrument 15-682| | |Have all Distributors been appointed in writing. | |

|Distributors? | | | | |Do Distributors make the necessary disclosures to Retail Clients? | |

|Do all AR’s & Distributors clearly |All |S911C |O |Med |All Business Cards, Promotional Material, Letterhead, Invoices, Quotes |       |

|disclose their representative status on| | | | |(that relate to Financial Services) show them as representative of ours &| |

|all relevant documents? | | | | |include our AFS Licence No. | |

|Is the business providing its services |All |S912A 1(a) |O |High |Compliance Register & Complaints Register indicates no systemic, | |

|efficiently, honestly & fairly? | | | | |significant or continuing issues being identified. |      |

|Is the business complying with all AFS |All |S912A 1(b) |B |High |License conditions specific to the business included in Compliance | |

|Licence Conditions imposed on it? | | | | |Checklist. |      |

| | | | | |No changes in AFS Licence conditions since last Compliance Review. | |

|Is the business complying with the |All |S912A 1(c) |B |High |Compliance Register & Complaints Register indicate no systemic, | |

|Financial Services Law? | | | | |significant or ongoing breaches. |      |

|Is the business taking reasonable steps|All |S912A 1(ca) |O |High |Where felt necessary check all staff annually on their knowledge & | |

|to ensure that all representatives | | | | |performance by the completion of a questionnaire on the various |      |

|comply with the Financial Services law?| | | | |procedures, policies, responsibilities & legislation impacting the | |

| | | | | |business. | |

| | | | | |Ensure a review of their work & client advice has occurred via use of a | |

| | | | | |Client File Checklist. | |

| | | | | |Staff understand & have access to the External Representative Policy & | |

| | | | | |Procedures. | |

| | | | | |Training & monitoring being performed in line with policy. | |

| | | | | |No complaints recorded in the Complaints Register regarding Authorised | |

| | | | | |Representatives | |

|Does the business maintain the |All |S912A 1(d) |B |High |Compliance Register & Complaints Register indicate no systemic, | |

|necessary financial, technological & | | | | |significant or ongoing breaches. |      |

|human resources to provide & supervise | | | | |Financial Policy & Procedures, Information Technology Policy & | |

|our services? | | | | |Procedures, Staff Policy & Procedures all in place. | |

|Does the business maintain the |All |S912A 1(e) |B |High |Compliance Register & Complaints Register indicate no systemic, | |

|competence to provide Financial | | | | |significant or ongoing breaches. |      |

|Services? | | | | |Training Policy & Procedures being adhered to. | |

|Does the business ensure that its staff|All |S912A 1(f) |O |Medium |Compliance training updates or refreshers & relevant Information | |

|are appropriately trained & competent | | | | |Technology upgrades should be implemented if: |      |

|to provide financial services? | | | | |New law or code is introduced that impacts on the business, or requires | |

| | | | | |new procedures | |

| | | | | |New procedures have been introduced to address compliance issues | |

| | | | | |Compliance breach or complaint has occurred particularly on a systemic & | |

| | | | | |recurring basis | |

| | | | | |Upon evaluation of staff needs. | |

|If there are any AR’s acting for the |All |S912A 1(f) RG146 |O |Medium |Regular reviews of work being conducted. | |

|business are they effectively managed &| | | | |Training Policy & Procedures being followed. |      |

|monitored? | | | | |Appraisal & Development processes being complied with. | |

|Is the business meeting its obligations|All |S912A 1(f) RG146 |O |High |Staff understand & know where to access the Training Policy & Procedures.| |

|to maintain the training for its | | | | |Training Register, Position Descriptions/Task Allocation Tables (where |      |

|advisers? | | | | |implemented) kept up to date. | |

| | | | | |Appraisal & Development forms completed, Training Completion Forms | |

| | | | | |completed. | |

| | | | | |Training actively followed up. | |

| | | | | |Training Needs Survey completed & assessed for all new staff where | |

| | | | | |required. | |

|Is the business operating an effective |Licensees |S912A 1(g) |O |Medium |Staff understand & know where to access the Complaints Policy & | |

|Complaints system? |dealing with |RG165 – Internal &| | |Procedures. |      |

| |Retail Clients |External Dispute | | |All disputes handled in accordance with policy. | |

| |only |Resolution & RG271| | |Membership of External Dispute facility maintained or ASIC advised of | |

| | |- Internal Dispute| | |change within 10 days. | |

| | |Resolution | | |AFCA common renewal date is 30th June each year. | |

| | | | | |Complaint Register reviewed & any systemic issues investigated. | |

| | | | | |Complaint numbers consistent with at least one per 250 clients per annum.| |

| | | | | |All complaints handled as per Policy & the external dispute facility | |

| | | | | |timeframes | |

| | | | | |Website provides prominent links to AFCA & Codes of Practice and | |

| | | | | |Complaints Brochure (effective from 5th October 2021). | |

|Is the business operating an effective |All |S912A 1(h) |O |Medium |Staff understand & know where to access the Risk Management Policy & | |

|Risk Management system? | |RG104 | | |Procedures. |      |

| | | | | |Any significant changes or new risks have been included in plan. | |

| | | | | |All triggers to a review have been complied with. | |

|Does the business maintain adequate |Licenses dealing|RG126 |O |High |PI Policy current for Licenses that deal with Retail Clients. | |

|compensation arrangements? |with Retail |S912B, R10.2.44 | | |Minimum Sums Insured & excesses apply; refer to Complaints Policy & |      |

| |Client only | | | |Procedures. | |

| | | | | |Specific statement included in FSG | |

| | | | | |Annual PI Assessment against RG126 requirements completed. | |

|If the business is unable to meet its |All |S912D 1 |B |High |No significant or serious breaches identified. | |

|License obligations have ASIC been | | | | |ASIC advised within 10 business days if significant or serious breach |      |

|advised? | | | | |occurs. | |

|Is the AFS Licence Number displayed on |All |S912F |O |Low |All relevant documentation (SOA/SOAA/FSG/Regular Statements) has AFS | |

|all relevant documentation? | | | | |Licence Number shown. |      |

| | | | | |Any new relevant documentation has AFS Licence No. | |

| | | | | |It is recommended that the AFS Licence No. is also displayed on any | |

| | | | | |relevant Websites, brochures, marketing material & email signatures. | |

|If the business has appointed any new |All |S916 |B |High |Any new Authorised Representatives approved by Board. | |

|Authorised Representatives have they | | | | |External Representative Policy & Procedures complied with. |      |

|been appointed/terminated in accordance| | | | |Any AR’s providing Financial Services Advice have Training Plans. | |

|with the law? | | | | |All AR’s on Organisation Chart. All AR’s (or their representatives) | |

| | | | | |providing Personal Advice have there own individual FSG’s & SOA’s. | |

|If there have been any new/changes |All |S916F Reg. |B |High |No new Authorised Representatives appointed/terminated. | |

|Authorised Representatives | |7.6.04(1)(c) | | |Board approval & ASIC advised in 15 days if changes are being made. |      |

|appointed/terminated have they been | | | | | | |

|appropriately authorised/terminated & | | | | | | |

|advised to ASIC? | | | | | | |

|Does the business ensure that it does |All |S923A (5) |O |Low |All newly created printed material, promotional & advertising material & | |

|not use the words “independent, | | | | |web site changes are signed off by a Responsible Manager. |      |

|impartial or unbiased” when describing | | | | |Words such as independent, impartial or unbiased are not used within the | |

|advice given? | | | | |business or to describe ownership / status etc. | |

| | | | | |Any suggestion that we do not act for or on behalf of insurers should be | |

| | | | | |removed. | |

|Does the business use insurer binders? |All |S923B |O |Medium |If Binders are used, they should be disclosed in FSG’s if they relate to | |

| | | | | |Retail Clients & on all invoices where relevant. |      |

| | | | | |There is an entry in the Conflict of Interest Table regarding Binder | |

| | | | | |Conflict. | |

|Are Financial Services Guide’s prepared|Retail Client |S941 – S943 |O |Medium |Relevant staff aware of requirement. | |

|& provided as required? |Only | | | |Financial Services Guide provided with all services to Retail Clients. |      |

| | | | | |FSG kept up to date & accurate. | |

| | | | | |FSG reviewed as part of the annual Business Review process. | |

| | | | | |FSG includes “Lack of Independence” statement (1/7/21 onwards) | |

| | | | | |FSG referred to in relevant standard letters & email templates. | |

|Has there been any change in the FSG in|Retail Client |S941 – S943 |O |Medium |No change in FSG in past 12 months. |      |

|the past 12 months & has it been |Only | | | |If changed FSG has been vetted by management & External Compliance | |

|vetted. | | | | |Provider | |

|Are SOA’s/Statements of Additional |Retail Client |S944 – S947 |O |Medium |Business has guidelines on Personal Vs General Advice. | |

|Advice prepared & provided & stored for|Only | | | |Relevant staff aware of requirements. |      |

|7 years? | | | | |SOA’s/Statements of Additional Advice are always given when providing | |

| | | | | |Personal Advice to Retail Clients. | |

| | | | | |SOA’s/Statements of Additional Advice are accurate & comply. | |

|Are General Advice Warnings (GAW) |Retail Client |S949A |O |Medium |Business has a written procedure on when General Advice is given | |

|provided to Retail Clients as required?|Only | | | |(Business Plan). |      |

| | | | | |Business has a standard GAW & a process to send the GAW out. | |

| | | | | |GAW’s are sent with all Retail Client Invoices where an SOA is not | |

| | | | | |provided. | |

| | | | | |A review of files indicates that the GAW is sent where required. | |

| | | | | |GAW included in Oral Disclosure Script | |

|Are Client Monies banked on the day of |All |S981B (1) |O |Low |Client Monies banked daily into bank account or next business day. | |

|receipt or day after? | | | | |Bank statement indicates daily banking. |      |

|Are all non Client Monies & associated |Insurance |S981B Reg 7.8.01 |O |Low |All Licensee monies must be transferred out of Trust A/C within one month| |

|GST transferred out of Trust Account |Brokers |(11,12,13) | | |of banking, except where unable to identify such funds. |      |

|within one month or as soon as | | | | |Evidence that Licensee monies are transferred on a monthly basis as shown| |

|identified (if after one month)? | | | | |in Bank Reconciliation / Broking system reports. | |

|Does the business maintain adequate |All |S988 |B |High |Full financial records of all transactions with clients being documented.| |

|financial records? | | | | |No other identified problems flagged by bank reconciliation processes, |      |

| | | | | |supplier correspondence etc. | |

|Did the business lodge its Profit & |All |S989 |B |High |Audited annual return lodged with ASIC within 4 months of the end of the | |

|Loss & Balance Sheets (ASIC Form FS70 &| |Reg. 7.8.12-16 | | |Financial Year. |      |

|FS71) by required date last year & | | | | | | |

|reminders in place for the coming 30/10| | | | | | |

|? | | | | | | |

|Has the business retained the same |All |S990 |B |High |No change in auditor. | |

|auditor from last year? | | | | |Replacement required within 14 days if auditor resigns. |      |

| | | | | |Change in auditor to be advised to ASIC within 14 days of vacancy. | |

|Do staff use the Oral Disclosure Script|Retail Client |Various Sections |O |Low |Business has developed script, all staff have easy access to script, | |

|where required? |Only | | | |staff use script when required. |      |

|Has the business satisfactorily |Retail Client |RG126 |O |Med |A documented review of the PI coverage has been conducted against the | |

|completed & documented a review of it’s|Only | | | |requirements for such cover as laid out in RG126. |      |

|Professional Indemnity coverage prior | | | | |The review confirmed the coverage met the requirements & has been signed | |

|to accepting renewal? | | | | |off by a Responsible Manager. | |

|Does the business comply with its |All |WorkCover Reg’s |O |Low |Staff understand & know where to access the Workplace Health & Safety | |

|Workplace Health & Safety requirements?| | | | |Policy & Procedures. |      |

| | | | | |Quarterly inspections of potential hazards & risks, any claims or | |

| | | | | |incidents being appropriately handled, posters in place, first aid kits | |

| | | | | |maintained, first aid officers in place, W H & S Officers in place. | |

|Does the business comply with the |All |Standards |O |Low |Note on invoices regarding not to send Credit Card details via email / | |

|Payment Card Industry Data Storage | | | | |fax. |      |

|Standard | | | | |Credit Card details destroyed/de-identified/stored. | |

| | | | | |Credit Card details not faxed/emailed to 3rd parties | |

|Does the business only charge clients |All |The Competition & |O |Low |Documented approach to Credit Card charging. | |

|the Acceptance Cost & other Direct | |Consumer Amendment| | |Minimum annual review of the Acceptance Cost s & other Direct Costs of |      |

|Costs for using Credit Cards? | |(Payment | | |providing Credit Card Facilities. | |

| | |Surcharges) Act | | |Fees charged for each type of card that matches the Acceptance/Direct | |

| | |2016 | | |Costs or matches the lowest cost structure if all clients are charged the| |

| | | | | |same Fees. | |

|Does the business have an effective set|All business |U.K. Bribery Act |B |Low |Implementation of MSM Mission Control policies & procedures. | |

|of Anti Bribery Policies & Procedures? |that deal with |2010 | | |Development & maintenance of own Policies & Procedures. |      |

| |UK businesses | | | | | |

|Does the business have an effective |All businesses |Banking Finance & |B |Med |Implementation of MSM Mission Control policies & procedures. |       |

|process to ensure all employees are |that employ |Insurance Award | | |Management have access to the BFI & are made aware of changes to BFI. | |

|paid at or above the minimum levels set|staff. |2020 | | |Computerised Payroll system. | |

|out in the current Banking Finance & | | | | |All staff have Letters of Engagement including their BFI level where | |

|Insurance Award 2020 (BFI).? | | | | |applicable. | |

| | | | | |Check one staff members pay against the BFI minimum. | |

|Has the business conducted training on |General |Not Applicable |O |Low |All staff have received training as per Staff Meeting minutes or entries |       |

|Financial Hardship? |community | | | |in Training Registers. | |

| |expectation. | | | | | |

|Has the business implemented and |Large client |Modern Slavery Act|O |Low |Addressed in Risk Management system, Business Plan, Outsourcing and Staff|       |

|maintained an effective Modern Slavery |requirements. |2018 | | |Policy and Procedures. | |

|policy? | | | | |No exposures identified requiring action. | |

|If the business handles claims on |AFSL’s handling |Corps Act |O |High |No claims handling done on behalf of insurers, or |       |

|behalf of insurer(s) (post 30/6/2021) |ciaims | | | |AFSL variation lodged/accepted. | |

|has application been made to vary AFSL?| | | | | | |

|Is the business complying with the Fair|All employers |Fair Work Act 2009|O |Med |All staff provided with Fair Work Information Statement when starting. |       |

|Work Act obligations. | | | | |All Casual Staff provided with Casual Employment Information Statement | |

| | | | | |when starting. | |

|Is the business complying with Design |AFSL’s dealing |Corps Act |O |Med |Policies and procedures updated to address DDO. |       |

|and Distribution Obligations effective |with Retail | | | |All staff provided with training on DDO or have read the Briefing Note on| |

|from 5/10/21. |Clients | | | |DDO as confirmed by Training Registers. | |

| | | | | |TMD’s accessible for all relevant products. | |

| | | | | |Where we act as issuer we have prepared TMD’s as required and have | |

| | | | | |Statement on Website | |

|Is the business complying with the |Retail Clients |S992 & Do Not Call|O |Med |Policies and procedures updated to address Anti-Hawking. |       |

|Anti-Hawking obligations effective from| |Register Act 2006 | | |All staff provided with training on Anti-Hawking or have read the | |

|5/10/21and the Do Not Call | |& Industry | | |Briefing Note on Anti-Hawking as confirmed by Training Registers. | |

| | |Standards | | |No outbound unsolicited telemarketing to Retail Clients. | |

| | | | | |No complaints reported in Complaints Register regarding hawking. | |

| | | | | |Business complies with Do Not Call Register Act & the Industry Standards.| |

|Is the business complying with the |AFSL’s dealing |Corps Act |O |Med |Policies and procedures updated to address DSM. |       |

|Deferred Sales Model for Add on |with Retail | | | |All staff provided with training on DSM or have read the Briefing Note on| |

|Insurance (DSM) restrictions |Clients on | | | |DSM as confirmed by Training Registers. | |

|obligations effective from 5/10/21 |General | | | |All insurance sales connected to the sale of other products or services | |

| |Insurance | | | |have been fully reviewed to ensure they comply with the DSM. | |

|Has the business updated all Duty of |AFSL’s dealing |Corps Act |O |Med |Invoices and all other documentation containing the Duty of Disclosure |       |

|Disclosure notices to reflect the |in general | | | |have been reviewed and the changes made as required. | |

|change to Consumer Insurance Contracts |insurance. | | | |All staff have been made aware of the change in documentation. | |

|where the duty is now limited “to take | | | | | | |

|reasonable care not to make a | | | | | | |

|misrepresentation’. | | | | | | |

|Is the business providing Terms of |IBCOP subscibers|IBCOP |O |Med |Broking P & P updated to include TOE requirements. |       |

|Engagement (TOE) to clients as per the | | | | |All staff advised of requirement to provide clients with a TOE. | |

|Insurance Brokers Code of Practice | | | | |TOE Template developed. | |

|(IBCOP) | | | | |TOE provided to all customers via email link or hard copy where email not| |

| | | | | |applicable. | |

|Is the business in contact with all |IBCOP subscibers|IBCOP |O |Med |Broking P & P updated to include TOE requirements. |       |

|clients at least 14 days prior to | | | | |All staff advised of the requirement to contact clients at least 14 days | |

|renewal as per the Insurance Brokers | | | | |prior to expiry. | |

|Code of Practice (IBCOP). | | | | |Note “Contact” includes email / sms / phone or hard copy mail. | |

| | | | | |Renewal pending report checked for any policies unrenewed 14 days prior | |

| | | | | |to expiry and confirm that alternative client contact has occurred. | |

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