Professional Standards

Representative Requirements

As a Representative of Affinia you are authorised to provide financial services on Affinia’s behalf. 

Licensees are responsible to ensure that their Representatives comply with all the requirements of their licence. This requires the licensee to monitor and supervise the activities of its advisers and to have a robust consequence management process. The Professional Standards team assists in providing guidance and reviews to ensure Affinia and all its representatives operate within the legislative requirements applicable to financial advisers.

This section you will find useful information regarding:

  • Our Licence
  • Legislation & Regulators
  • Privacy
  • Cyber Security
  • Anti Money Laundering Legislations
  • Counter Terrorism Financing Legislations
  • Marketing and Anti Hawking
  • Regulatory Resources

At the end of each section, if applicable we have included a list of documents to help you. You can also read more about being appointed as a representative and the responsibilities of this appointment in the Being a Representative document under the Related Documents section below.

Our Licence

Our Licence authorises Affinia to provide the following financial services:

1. Provide financial product advice to retail and wholesale clients for the following financial products:

  • basic and non-basic deposit products
  • life products including investment life insurance and life risk insurance
  • interests in managed investment schemes, including Investor Directed Portfolio Services
  • retirement savings accounts
  • securities
  • superannuation
  • debentures, stocks or bonds issued or proposed to be issued by a government standard margin lending facilities.

2. Deal in a financial product by applying for, acquiring, varying or disposing of a financial product on behalf of another person in respect to the following classes of products:

  • basic and non-basic deposit products
  • life products including investment life insurance and life risk insurance
  • interests in managed investment schemes including Investor Directed Portfolio Services
  • retirement savings accounts
  • securities
  • superannuation
  • debentures, stocks or bonds issued or proposed to be issued by a government
  • standard margin lending facilities.

Representatives are encouraged to read relevant legislation, ASIC’s Regulatory Guides and other guidance that relates to the conduct of business and client advice. (Affinia does not hold an authorisation for Derivatives or Managed Discretionary Accounts).

Fee Disclosure Statement (FDS) & Opt In

Guide and FAQs

Click here to download the Ongoing Fee Arrangement Obligation Guide

Click here to download the Ongoing Fee Arrangement Obligation Remediation Guidelines

Click here to download the Frequently Asked Questions Fee Disclosure Document

Legislation and Regulators

As an Affinia Representative it is important you understand how the law applies to you, the manner in how you provide advice and how you conduct your business. Below sets out the relevant pieces of legislation and regulators. Information about some of the relevant legislation is also set out in the Who We Answer To documents under the Related Documents section below.  Please note, this list is not exhaustive and does not purport to be exhaustive.

  • Corporations Act 2001;
  • Future of Financial Advice (FOFA);
  • The Australian Securities and Investment Commission Act 2001;
  • National Consumer Credit Protection Act 2009 (NCCPA);
  • Privacy Act 1988 (Cth) including the 13 Australian Privacy Principals (APPs);
  • Anti-Money Laundering and Counter-Terrorism Financing Act 2006;
  • The Tax Agent Services Act (TASA)

Legislation

  • Corporations Act 2001;
  • Future of Financial Advice (FOFA);
  • The Australian Securities and Investment Commission Act 2001;
  • National Consumer Credit Protection Act 2009 (NCCPA);
  • Privacy Act 1988 (Cth) including the 13 Australian Privacy Principals (APPs);
  • Anti-Money Laundering and Counter-Terrorism Financing Act 2006;
  • The Tax Agent Services Act (TASA)

Regulators

  • Australian Securities and Investments Commission (ASIC)
  • Tax Practitioners Board (TPB);
  • Australian Prudential Regulation Authority (APRA);
  • Reserve Bank of Australia (RBA);
  • Australian Transaction Reports and Analysis Centre (AUSTRAC);
  • Australian Tax Office (ATO);
  • Office of the Australian Information Commissioner (OAIC).

Privacy

What is "Privacy" and why is it important?

Privacy is referred to as the right of an individual to control the collection, handling, access, use and disclosure of their own personal information.

The protection of client's personal and sensitive information is extremely important. All clients have the right to have their personal and sensitive information protected. As a business, it’s our responsibility to protect the information we collect and that is why we’ll be asking you to understand your obligations. This manual will also explain who to contact if you have a privacy related query. 

The Australian Privacy Principles

There are  13 Australian Privacy Principles (APPs), which cover the entire life cycle of information flows between TAL and our client s, from collection, storage, protection, disclosure and, where appropriate, destruction or de-identification. The Australian Privacy Principles are:

  1. Open and transparent management of personal information.
  2. Anonymity and pseudonymity.
  3. Collection of personal and sensitive information.
  4. Dealing with unsolicited personal information.
  5. Notification of collection.
  6. Use or disclosure.
  7. Direct marketing.
  8. Cross border disclosure.
  9. Adoption, use or disclosure of government related identifiers.
  10. Quality of information (up to date, complete and accurate).
  11. Security of information (protection from misuse, interference, loss and from unauthorised access, modification or disclosure).
  12. Access to information.
  13. Correction of information.

Under current privacy legislation, Affinia is responsible for implementing all reasonable measures to protect client information from unauthorised use, loss, interference (including hacking) or disclosure.

Our Privacy Policy

Our Privacy Policy tells clients how we collect, use, disclose and secure their information.

The Office of Australian Information Commissioner (OAIC) and the Privacy Commissioner

The Office of the Australian Information Commissioner (OAIC) is an independent office that has substantial powers and responsibilities under the legislation. The Privacy Commissioner promotes and protects privacy in Australia.

Clients who are upset about the way an organisation has dealt with their personal information can alert the Privacy Commissioner and the issue will be formally investigated. Useful information about how Affinia must protect the privacy rights of their clients can be found on OAIC website.

This information includes ‘Frequently Asked Questions’ for businesses and guidance on handling personal information If you become aware of a data security breach which may compromise the privacy of your clients (e.g. hacking into computers) then you must notify us immediately by emailing compliance@affinia.com.au or calling 1300 AFFINIA (1300 233 4642).

Cyber Security

Recent media articles have highlighted the ever present threat of cyber security risks and the need to protect and secure the information we hold about our client and our business. In day-to-day transactions we are often focused on the need to find a particular document for our client to transact their financial needs, and we often forget that there are obligations to retain data for many years after that transaction has concluded, in case it’s required for a legal or regulatory purpose.

Cyber criminals are becoming increasingly sophisticated and adept at hacking into the systems of both large and small organisations. For this reason it is imperative that we have all reasonable safeguards in place to protect information about our clients, such as their financial and health information which could lead to loss or embarrassment to them if disclosed to an unauthorised recipient. Organisations that do not protect the information entrusted to them are likely to face loss of client trust, loss of business, adverse media coverage and potential investigations.

Affinia has created a Cyber Security document to help you find out more about:

  • Common Areas of Vulnerability
  • Risk Mitigation Controls
  • Guide to Terms
  • Data Retention Obligations

If you have any questions regarding this topic or if you know/suspect that your business has been impacted by a cyber security breach you should notify professional standards immediately.

AML and CTF

Anti-Money Laundering and Counter-Terrorism Financing legislation is designed to identify money laundering and/or terrorism financing activities.

The legislation imposes a number of obligations and guidelines on Affinia and its Representatives such as: 

The key AML/CTF requirements;

  1.       Know your client, client identification and verification procedures;
  2.       Politically exposes persons (PEPs), and what steps should be taken if a PEP is identified;
  3.       Affinia reporting obligations to AUSTRAC;
  4.       Red flag indicators that may assist Affinia to identify potential terrorism financing activity.

The Australian Transaction Reports and Analysis Centre (‘AUSTRAC’) is Australia’s anti-money laundering regulator and specialist financial intelligence unit. For further information on AUSTRAC, refer to the AUSTRAC website.

Anti-Money Laundering and Counter-Terrorism Financing legislation forms are as below. 

Anti Money Laundering Counter Terrorism Financing Forms

Click here to download the Managing AML/CTF, FATCA and CRS Customer Identification Obligations (May 2017) 

Click here to download the Individuals  (AML & FATCA) Form (Aug 2017)

Click here to download the Australian Companies (AML & FATCA) Form (Aug 2017)

Click here to download the Foreign Companies (AML & FATCA) Form (Aug 2017)

Click here to download the Australian Regulated Trustee (AML & FATCA) Form (Aug 2017)

Click here to download the Unregulated Trustees (AML & FATCA) Form (Aug 2017)

Click here to download the Partnerships (AML & FATCA) Form (Aug 2017)

Click here to download the Associations (AML & FATCA) Form (Aug 2017)

Click here to download the Registered Co-Operatives (AML & FATCA) Form (Aug 2017)

Click here to download the Government Bodies (AML & FATCA) Form (Aug 2017)

Click here to download the Verifying Officer (AML & FATCA) Form (Feb 2015)

Click here to download the US Tax Status Declaration Individuals Form (Feb 2015)

Click here to download the US Tax Status Declaration Entities Form (Feb 2015)

Marketing and Anti Hawking

Marketing

All marketing material must receive written approval from us prior to use.  Following review, Affinia Management will refer to Professional Standards for final sign-off.

This includes:

  • signage
  • branding of material
  • stationery
  • advertisements
  • websites
  • PowerPoint presentations
  • seminar presentations
  • all forms of ‘social media’ including Twitter, Facebook, blogs and wikis (refer Professional Standards for a copy of our Social Media Policy by emailing compliance@affinia.com.au).

This will necessitate a lead time between development and use of marketing material. Please allow for this in your planning.

Please discuss any marketing needs with Affinia’s National Manager Advice & Research by emailing researchtech@affinia.com.au or calling 1300 AFFINIA (1300 233 4642).

Anti-Hawking

There are restrictions on licensees and advisers conducting unsolicited marketing to retail clients.  

For information about what you can and can't do, please read the Anti Hawking document below.

Regulatory Resources

Australian Securities & Investment Commission (ASIC) REPORT 413 Review of retail life insurance advice

ASIC says this report presents the findings of their research into, and surveillance of, personal advice given to consumers about life insurance. 

The purpose of the project was to understand the advice consumers are currently receiving about life insurance and to identify opportunities to promote advice that is in the best interests of consumers.[1]


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