L to R Chris Medin,George Gleeson, Ashley Owen

The new LSOS Compliance & Regulations Team consists of:

• Chris Medin - MD of LSOS
• George Gleeson - Sales and Marketing Presenter and Counsellor
• Ashley Owen - Corporate Adviser

In line with our objective of providing expertise that supports the technical, marketing and administration activities of our clients, LSOS has launched a specialist team that provide "one-stop solutions" to compliance and regulations issues.

An example of our services is in the area of CAR's. These are now a routine task, but just how many of these forms are examined and acted upon and how many are simply filed away? Yet we all know that ASIC will scrutinise all processes as part of their audits.

Other aspects of our services include:

Diagnostic Review
Clients receive a comprehensive independent diagnostic review of the business to identify:

• the efficacy of existing "compliance" checkpoints and
• the application of the new regulations to business, including systems, staff, distribution networks, contractors and suppliers

Strategic Planning
In most cases, only some aspects of the regulations will affect corporations and individuals.

Here clients are assisted in setting their strategy for compliance with the relevant regulations through:

• a report on aspects of the regulations that affect the operations, then
• a detailed strategic plan of activities to meet the identified regulations, then
• arrangements for managing the implementation of the final plan.

Licensing
We undertake to conduct all the necessary requirements to obtain your licence. This is achieved through flow-chart templates developed in line with the relevant regulatory requirements.

Initial Training
We have networking arrangements with providers of ASIC-approved Training Courses that allow us to help clients sort through the maze of programs and develop training schedules tailored to our clients' operations. These courses meet all the regulatory requirements for the Initial Training.

Ongoing Professional Development
An ongoing program that meets the regulatory requirements for "ongoing professional development" is produced, initiated and managed in a manner that minimises disruption to our clients' day-to-day operations.

Tracking of Competencies
With our clients' input, we design and implement the necessary monitoring, tracking and recording of competencies, training and qualifications of advisers and staff, on an ongoing basis.

Clearly, all corporations want to ensure they meet the regulatory requirements. Our services provide invaluable independent input and expertise on the processes as well as the resources to implement and maintain these processes.

To stay in business you must be licensed
One critical area that needs to be stressed is that of Licensing. After enactment, legislation usually allows a transition period. Under CLERP6 proposals, a person seeking to carry on a financial services business must obtain an Australian Financial Services License - without a license, they must cease to operate!

To obtain and maintain the license, the licensee must:

• provide financial services in an efficient, fair and honest way;
• comply with the conditions imposed by ASIC on the license;
• monitor and supervise the activities of it's representatives to ensure compliance with the Law;
• maintain sufficient financial, technological and human resources to properly provide financial services and supervise representatives;
• maintain competence, skills and experience to provide financial services;
• ensure representatives are adequately trained and are competent to provide financial services;
• have internal and external dispute resolution procedures to handle complaints from retail customers.

To support our clients LSOS has devloped templates, covering the relevant aspects of the licensing requirements, which will be used to embody regulatory compliance into our clients' operations."

LSOS Support Services
Areas of the Financial Services Industry likely to fall under the FSR Act, where LSOS can provide support services can be categorised as follows: