Integrity – Financial Regulatory

The Australian Securities Investment Commission (ASIC) is Australia’s corporate, markets and financial services regulator.  ASIC maintains a list of all Australian Financial Services (AFS) licence holders.   Under the Financial Services Reform (FSR) Act, an AFS licence is required if an entity is providing, or intending to provide, financial services. AIM Screening searches the ASIC register to verify if an individual holds an AFS license or is an authorised representative.

This verification is critical for roles in the Financial Services sector where status as a licensee or authorised representative is required.

ASIC maintains a Banned and Disqualified Register which lists individuals disqualified from managing corporations, individuals banned from holding an AFS licence, as well as banned securities or futures representatives.

This verification is recommended for roles in the Financial Services sector.

The Australian Prudential Authority (APRA) is the prudential regulator of the Australian financial services industry. Should APRA become concerned about an individual’s fitness and propriety APRA undertakes a preliminary assessment of the circumstances and evidence available to it and may commence proceedings in the Federal Court. The matter will then proceed as a form of civil litigation in that Court.

In the event that the Court orders that the individual be disqualified, A record of the disqualification is entered on the APRA disqualification register.

This verification is recommended for roles in the Financial Services sector.