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Licence Variation

Organisational Expertise core proof

You are required to outline in detail your experience within the financial services industry. This means that you should state the companies, timeframes, and key responsibilities undertaken in the context of what is required. You need to follow pages 65-69 of the ASIC Licensing Kit very closely.

For example:

RO

Quals

Experience

Fin Serv Products

Joe Bloggs RG164 Alternative 2

Grad Dip, etc

All qualifications and dates and memberships

1980 – Present
XYZ Insurance Brokers
Role:Principal
Key Responsibilities:

  • Managed xx advisers and back office staff
  • New Business Sales and Client Services – Budget in last financial year – Income: Brokerage and Fee Income $xxxx – Premium $xxx
  • Overall responsibility for claims management
  • Issuance xxxxxxx

1970-1980
xxx Insurance Brokers
Role: Underwriting manager
Key Responsibilities xxxx


(specify whether General & or Personal advice)

 

Retail and Wholesale clients

 

General Insurances

 

 Wholesale products

ASIC requires a review of your whole experience in determining whether or not it considers you have the expertise to vary the licence. Do not dwell on titles - they are most interested in the key responsibilities. Show where these have changed over the years

Business Description core proof

XYZ will be required to provide information which scopes all of their business activities. We urge you to review page 46/47 of the Licensing Kit – Part 2 and outline the response in the same sequence, that is:

Overview of XYZ Business Activities

Financial Services

We currently advice and deal in general insurance products to retail and wholesale clients as insurance brokers on an offer and acceptance basis. Typically our clients are small to medium enterprise and would their business would comprise products such as XXXX. In addition we may deal and advise in related retail business of that client, i.e. their personal vehicle, home insurance or life risk covers.

Basis of Income

The basis of our income is derived from brokerage or fees for service.  Commission rates vary from insurer to insurer. Under the variation sought we would be receiving income based on $x.

Currently our book of business generates $x income per year and is broken down into the following categories:

  • General retail product business;
  • Whole product business.

Business Growth

The business in its current format produces growth of x% per year.

Business Distribution and Service

XYZ currently employs x adviser to distribute and service our client base.  The business is operated from the following locations:

  • A
  • B
  • C

Advisers are supervised and monitored based on the following XXXX. 
Billing and administrative tasks are undertaken XXXX.

Outsourced Services

XXXX

Variation to Product Issuer

We are seeking to vary our licence to include a binder for X products to cover the XXX industry. For the most part these products are wholesale/retail. 

The variation sought would produce anticipated income in the first year of $x and mature in X years time to $x.

A typical XX client would receive financial services advice to meet their requirements under any contractual obligations i.e. premises lease and, cover to protect the business from potential losses incurred through insurable perils. Advice provided also includes aspects of risk minimisation.

The product will be distributed by XXXX.