Authorised Representative Management Manual
This comprehensive System assists AFS licensees to manage their Authorised Representatives. Fully customisable, it contains procedures and practical tools to enable Licenses to undertake monitoring and supervision, including all the tools required for six different review techniques:
- Customer Surveys
- Authorised Representative Survey
- Authorised Representative Assessment
- Observation / Mystery Shop
- File Reviews
- Compliance Audit
There are two versions of the System – which have been customised for:
- General Insurance Brokers and Agencies – this also covers the appointment and management of Distributors
- Financial Planners and Life Advisers
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The Authorised Representative Management System covers the following:
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Financial Services under FSRA
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A useful description of what activities are a financial service – it covers general and personal advice, dealing and retail and wholesale clients.
For General Insurance intermediaries, a detailed explanation of the difference between the compliance requirements for distributors and Authorised Representatives is included.
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Appointment and Termination
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Procedures and Tools for appointing and terminating Authorised Representatives including Applications, Cross Endorsement, Authorisation (and sub-authorisation, Notices of Authority.
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Notifications to ASIC
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Procedures for notifying ASIC of appointments, variations and terminations of your Authorised Representatives
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Record Keeping
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Details of the records that must be kept
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Training
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Procedures for setting training standards and training management
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Complaints and Breaches
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Procedures and templates for managing complaints about and breaches by Authorised Representatives
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Monitoring and Supervision
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Detailed procedures for monitoring and supervision of Authorised Representatives including preparing and scheduling monitoring, guidelines for random selection of review candidates and managing the monitoring activity. It includes all the correspondence and field tools needed to undertake the 6 review techniques.
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Consequence Management
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A detailed consequence management framework contains gradings for various types of findings with recommended rectification and management activities.
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Licensees who have a number of Authorised Representatives will find the System is an indispensible tool to ensure consistent and comprehensive management and to minimise the likelihood of a licence breach.