Australia: AFSL licences will not magically appear

Securities dealers and life insurance brokers report suffering sleepless nights worrying about their Australian Financial Services Licence (AFSL). They know if their application is not in by December there is a real risk they won’t have the necessary licences to be open for business come 11 March 2004.

According to the Australian Securities and Investments Commission (ASIC) if you apply in last three months of the transition period there is a real risk that you will not get your licence in time¹. The last three months of the transition period commence on 11 December 2003.

Navigator’s n-able service has stepped into the breach to help.

Dealers and life brokers who attend one of the three n-able seminars hosted by Navigator’s n-able service, will leave with a customised step-by-step checklist on how to obtain their licence.

Following the seminar, attendees needing further assistance with their AFSL application can attend a workshop series with Accent Consulting where they will actually complete their AFSL application.

The total cost of using the n-able service to assist your ASFL application is less than A$2,800 – this compares favourably to amounts being quoted by other providers.

General manager product distribution Shaun Williams commented, "We recognise groups need to get their AFSL applications in fast. Equally, we understand it is not in the nature of advisers to be pro-active in dealing with bureaucracy – so we decided to bring the two together.

"This is not a profit making exercise, it is about relationships.

"I know from first hand experience that some groups have not yet started on their ASFL applications and are very concerned about the application process. With Accent Consulting, n-able has developed a simple approach streamlining the licensing process and actually getting the application ready for lodgement," said Shaun.

n-able AFSL Seminars will be held in:

Melbourne – 7 August
Sydney – 6 August
Brisbane – 5 August.

Securities dealers and brokers wishing to know more can contact n- able on (03) 9829 8816 or via n-able@navigator.com.au.

-ends-

Shaun William is available for interview

For further information, please contact:
Simon Morgan, Group General Manager Public Affairs
(03) 9829 8892
0407 966 632

¹ AFS licensing kit Part 1 Version 2 – October 2002.

Note to editors:

• Norwich Union Australia is a group of two specialist financial services companies; Navigator and Norwich Union Life. Portfolio Partners, the Australian funds management arm of Aviva plc, is a sister company to Norwich Union. Through these companies we provide products and services in the areas of wealth creation, wealth management and wealth protection for more than 300,000 customers throughout Australia.
• Globally, Norwich Union Australia is part of Aviva plc, the world’s seventh largest insurance group, the largest insurer in the UK and one of the top five life companies in Europe. Aviva was formed in May 2000 through the global merger of CGU plc and Norwich Union plc.
• Aviva is the worlds seventh-largest insurance group and the biggest in the UK. It is the leading provider of life and pensions products to Europe and has substantial businesses elsewhere around the world. Its main activities are long-term savings, fund management and general insurance. It has premium income and investment sales from continuing operations of A$77.3 billion, and more than A$593 billion of assets under management (as at 31 December 2002). The group has more than 59,000 employees and 25 million customers worldwide.
• This document does not contain all the terms and conditions attaching to product benefits and options. For a full list of terms and conditions please refer to the Offer Document. A policy for insurance cover or an application for an issue of an interest as described in this document can only be effected after completion of the application form contained in a current Offer Document for the product.
• The information in this document reflects Norwich Union's understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. While it is believed the information is accurate and reliable, this is not guaranteed in any way. The information is not, nor is it intended, to be comprehensive or a substitute for professional advice on specific circumstances.
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