Today, Greg Ashe, creator of QED CompliFast was interviewed by Brokers News, following on from ASIC’s “revelation” last week that it will be scrutinising Licensee responses in their Annual Compliance Certificates.
The Broker News article certainly captured the message that QED conveyed – that smaller Licensees need to be very sure that they understand what exactly they are responding to in the Licence renewal process.
“What [brokers are] signing off on is that they have systems and policies in place to ensure compliance, and that they’re regularly testing [themselves against] those policies and documenting the results, and that if they find they’re out of compliance they have a plan in place to get themselves back in compliance,” QED was quoted as saying.
ASIC will definitely be checking up on brokers’ positive responses that they do indeed have such systems in place. Regardless of a Licensee’s understanding (or misunderstanding as the case may be) of the true meaning of the ACC questions, the Licensee potentially puts themself in breach of s225 of the NCCP Act by claiming to have systems and arrangements in place when they do not.
The simplest way for ACL holders to ensure that they do have such systems in place – and can demonstrate this to ASIC – is to subscribe to QED CompliFast, our cutting-edge technology compliance reporting system. For only $57 per month (less for some aggregator members), why wouldn’t you subscribe immediately, before you get the knock on the door?