Obligations of the Authorised Representative. 5.1 As an Authorised Representative of Libertas Financial Planning, the Authorised Representative may only provide general advice. 5.2 The Authorised Representative must: (a) provide the client a Financial Services Guide including disclosure of all commissions, interests, etc as required by the Act. (b) maintain files and client records in the manner and to the standard required by Libertas Financial Planning, ASIC, APRA, any other relevant regulatory bodies, as well as the FPA and any other relevant professional bodies, and permit Libertas Financial Planning to audit the books and records of the Authorised Representative pertaining to the activities of the Authorised Representative contemplated by this Agreement and to copy such records; (c) comply with standards of ethical conduct and professional competence required by Libertas Financial Planning from time to time; (d) act efficiently, honestly and fairly and not do or omit to do anything, which would adversely affect Libertas Financial Planning’s dealer's licence; (e) faithfully and diligently perform its obligations under this Agreement and not act in any manner likely to bring Libertas Financial Planning into disrepute; (f) comply with their obligations under all applicable legislative and regulatory requirements, including any applicable codes of practice and the requirements of regulatory authorities and maintain any registers of any pecuniary or other interest required by law; (g) observe and comply with the provisions of the Libertas Financial Planning Manual and all reasonable directions, work practices and policies of Libertas Financial Planning as they apply from time to time; (h) comply with the requirements of any professional or industry associations with which Libertas Financial Planning may be affiliated from time to time; (i) provide to Libertas Financial Planning all information reasonably requested by Libertas Financial Planning concerning the Authorised Representative in order to enable Libertas Financial Planning to evaluate the performance of or the ability of the Authorised Representative to continue to carry out his or her obligations pursuant to this Agreement and to act as a Authorised Representative of Libertas Financial Planning, and to enable Libertas Financial Planning to establish, complete and maintain any register required by law; (j) deliver any specified client files and records to Libertas Financial Planning on demand; (k) immediately notify Libertas Financial Planning upon becoming aware of any claim or potential claim or circumstances which may lead to a claim being made against the Authorised Representative, the Business or Libertas Financial Planning in relation to any services provided under this Agreement or otherwise arising from any act or omission of the Authorised Representative in its capacity as a Authorised Representative of Libertas Financial Planning; (l) immediately notify Libertas Financial Planning of any occurrence of an event that constitutes a contravention of, or a failure to comply with, a condition or restriction in respect of Libertas Financial Planning’s Australian Financial Services Licence or the Authorised Representative’s Authorised Representative Certificate ; (m) immediately notify Libertas Financial Planning upon the occurrence of a Termination Event; (n) only carry out their activities as a Libertas Financial Planning Authorised Representative at a place of business at which the Business is entitled to carry on business and retain all client files and records there; and (o) co-operate with Libertas Financial Planning in relation to any claim made by Libertas Financial Planning under any insurance policy, and in relation to any client complaint, relating to any act or omission of the Authorised Representative (even if denied by the Authorised Representative), and comply with applicable complaints resolution procedures. 5.3 The Authorised Representative must not: (a) while acting as a Authorised Representative of Libertas Financial Planning, handle cash, securities or cheques of clients directly or indirectly (including through a trust account), or negotiate any cheques on behalf of clients; (b) negligently, dishonestly, fraudulently, maliciously or criminally act or omit to take any action; (c) amend, vary or modify any policies, documents, forms or other materials drafted, prepared or issued by Libertas Financial Planning or any financial institution except with the prior written approval of Libertas Financial Planning; (d) assign, subcontract or otherwise dispose of any right, interest or obligation of the Authorised Representative in this Agreement; (e) have financial commitments to any investment or financial product providers where a conflict of interest with the Authorised Representative’s duties as a Authorised Representative of Libertas Financial Planning might arise; (f) have direct arrangements with life offices, fund managers, stockbrokers or credit providers without Libertas Financial Planning’s prior written approval and must not act as a Authorised Representative of another dealer or investment adviser except with the prior written approval of Libertas Financial Planning; (g) make any Authorised Representative representations or give any warranties on behalf of Libertas Financial Planning except with the prior written approval of Libertas Financial Planning; (h) purport to bind or contract for or on behalf of Libertas Financial Planning or any financial institution in any way whatsoever and in particular by written or oral conduct purport: (i) to enter into contracts on behalf of Libertas Financial Planning or any financial institution; or (ii) to deal with or settle claims against Libertas Financial Planning or any financial institution, except in accordance with this Agreement, the Libertas Financial Planning Manual or the written direction of Libertas Financial Planning; (i) make any purchase or accept any financial accommodation on behalf of or in any way pledge the credit of Libertas Financial Planning or any financial institution without the prior written consent of Libertas Financial Planning; (j) accept any benefit directly or indirectly from any financial institution whose Products or services are distributed by the Authorised Representative pursuant to this Agreement and the Libertas Financial Planning Authority without the prior written consent of Libertas Financial Planning; (k) issue any advertising, promotional or marketing material or public statements of any kind (including business cards) referring to Libertas Financial Planning or using any Libertas Financial Planning trade marks or branding or make any reference alluding or referring to Libertas Financial Planning in any publication or communication except with the prior written approval of Libertas Financial Planning; (l) do anything, which could result in a breach by Libertas Financial Planning of the requirements of any law or regulation or the conditions of Libertas Financial Planning’s dealer's licence; (m) carry on any business activity other than the distribution of Products and the provision of ancillary investment advice and financial planning services without the prior written consent of Libertas Financial Planning; or (n) recommend or give advice relating to any Product which is not on the Libertas Financial Planning Approved Products List at the relevant time.
Appears in 1 contract
Sources: Authorised Representative Agreement
Obligations of the Authorised Representative. 5.1 As an Authorised Representative of Libertas Financial Planning, the Authorised Representative may only must provide general financial planning investment and securities advice, distribute Products and provide ancillary services in accordance with this Agreement, the Libertas Financial Planning Manual and the Authorised Representative Certificate and in accordance with any limitations or directions imposed by Libertas Financial Planning from time to time.
5.2 The Authorised Representative must:
(a) assess the needs, objectives and financial situation of the client as indicated by the client;
(b) always have a reasonable basis for making a securities recommendation to the client;
(c) observe the financial planning and investment strategies recommended by Libertas Financial Planning, and only recommend Products on the Libertas Financial Planning Approved Products List;
(d) disclose to clients and prospective clients any general risks involved in the investments and strategies recommended by the Authorised Representative;
(e) inform all clients and prospective clients that the Authorised Representative is an Authorised Representative of Libertas Financial Planning (and is acting in that capacity) in all communications whether written or oral relating in any way to Products, the Authorised Representative Certificate or to the Authorised Representative's duties under this Agreement;
(f) provide the client a Financial Services Guide including disclosure of all commissions, interests, etc as required by the Act.
(bg) maintain files and client records in the manner and despatch to the standard required by Libertas Financial Planning, ASICor the relevant Approved Product Provider all moneys received for lodgement on the day of receipt from the client (or, APRAif the receipt is after normal business hours, any other relevant regulatory bodies, as well as on the FPA and any other relevant professional bodies, and permit Libertas Financial Planning to audit the books and records of the Authorised Representative pertaining to the activities of the Authorised Representative contemplated by this Agreement and to copy such records;
(c) comply with standards of ethical conduct and professional competence required by Libertas Financial Planning from time to time;
(d) act efficiently, honestly and fairly and not do or omit to do anything, which would adversely affect Libertas Financial Planning’s dealer's licence;
(e) faithfully and diligently perform its obligations under this Agreement and not act in any manner likely to bring Libertas Financial Planning into disrepute;
(f) comply with their obligations under all applicable legislative and regulatory requirements, including any applicable codes of practice and the requirements of regulatory authorities and maintain any registers of any pecuniary or other interest required by law;
(g) observe and comply with the provisions of the Libertas Financial Planning Manual and all reasonable directions, work practices and policies of Libertas Financial Planning as they apply from time to timenext Business Day);
(h) comply with the requirements of any professional or industry associations with which notify Libertas Financial Planning may be affiliated from time of all Products distributed by the Authorised Representative to timeclients pursuant to this Agreement in the manner prescribed in the Libertas Financial Planning Manual;
(i) provide to Libertas Financial Planning all information reasonably requested advise each relevant investment institution whose Products are distributed by Libertas Financial Planning concerning the Authorised Representative in order to enable Libertas Financial Planning to evaluate the performance of or the ability of the Authorised Representative to continue to carry out his or her obligations pursuant to this Agreement and to act as a Authorised Representative of Libertas Financial Planning, and to enable Libertas Financial Planning to establish, complete and maintain any register required that all such Products are distributed by law;
(j) deliver any specified client files and records to Libertas Financial Planning on demand;
(k) immediately notify Libertas Financial Planning upon becoming aware of any claim or potential claim or circumstances which may lead to a claim being made against the Authorised Representative, the Business or Libertas Financial Planning in relation to any services provided under this Agreement or otherwise arising from any act or omission of the Authorised Representative in its capacity as a Authorised Representative of Libertas Financial Planning;Planning under the Authorised Representative Certificate
(lj) immediately notify ensure Libertas Financial Planning is nominated as the recipient of any occurrence of an event that constitutes a contravention ofall brokerage, or a failure to comply withcommissions, a condition or restriction bonuses, fees, trail commissions and other incentives and benefits payable in respect of Libertas Financial Planning’s Australian Financial Services Licence or the Authorised Representative’s Authorised Representative Certificate ;
(m) immediately notify Libertas Financial Planning upon the occurrence of a Termination Event;
(n) only carry out their activities as a Libertas Financial Planning Authorised Representative at a place of business at which the Business is entitled to carry on business and retain all client files and records there; and
(o) co-operate with Libertas Financial Planning in relation to any claim made by Libertas Financial Planning under any insurance policy, and in relation to any client complaint, relating to any act or omission of the Authorised Representative (even if denied Products distributed by the Authorised Representative), including stamping or marking all application and comply lodgement forms with applicable complaints resolution procedures.
5.3 The Authorised Representative must not:
(a) while acting as a Authorised Representative of Libertas Financial Planning, handle cash, securities or cheques of clients directly or indirectly (including through a trust account), or negotiate any cheques on behalf of clients;
(b) negligently, dishonestly, fraudulently, maliciously or criminally act or omit to take any action;
(c) amend, vary or modify any policies, documents, forms or other materials drafted, prepared or issued by the prescribed Libertas Financial Planning or any financial institution except with the prior written approval of stamp and Libertas Financial Planning;
(d) assign, subcontract or otherwise dispose of any right, interest or obligation of the Authorised Representative in this Agreement;
(e) have financial commitments to any investment or financial product providers where a conflict of interest with the Authorised Representative’s duties as a Authorised Representative Planning identification numbers; ensure at all times that all information and material of Libertas Financial Planning might arise;
(f) have direct arrangements with life offices, fund managers, stockbrokers or credit providers without Libertas Financial Planning’s prior written approval and must not act as a Authorised Representative of another dealer or investment adviser except with the prior written approval of Libertas Financial Planning;
(g) make any Authorised Representative representations or give any warranties on behalf of Libertas Financial Planning except with the prior written approval of Libertas Financial Planning;
(h) purport to bind or contract for or on behalf of Libertas Financial Planning or any financial institution in any way whatsoever and in particular by written or oral conduct purport:
(i) to enter into contracts on behalf of Libertas Financial Planning or any financial institution; or
(ii) to deal with or settle claims against Libertas Financial Planning or any financial institution, except in accordance with this Agreement, including the Libertas Financial Planning Manual that is provided or the written direction of Libertas Financial Planning;
(i) make any purchase or accept any financial accommodation on behalf of or in any way pledge the credit of Libertas Financial Planning or any financial institution without the prior written consent of Libertas Financial Planning;
(j) accept any benefit directly or indirectly from any financial institution whose Products or services are distributed by disclosed to the Authorised Representative pursuant is kept strictly confidential and is not disclosed to any person unless required for the purposes of this Agreement and the Libertas Financial Planning Authority without the prior written consent of Libertas Financial Planningrecipient first agrees in writing to keep such information confidential and not disclose it;
(k) issue any advertising, promotional or marketing material or public statements of any kind (including business cards) referring to Libertas Financial Planning or using any Libertas Financial Planning trade marks or branding or make any reference alluding or referring to Libertas Financial Planning in any publication or communication except with the prior written approval of Libertas Financial Planning;
(l) do anything, which could result in a breach by Libertas Financial Planning of the requirements of any law or regulation or the conditions of Libertas Financial Planning’s dealer's licence;
(m) carry on any business activity other than the distribution of Products and the provision of ancillary investment advice and financial planning services without the prior written consent of Libertas Financial Planning; or
(n) recommend or give advice relating to any Product which is not on the Libertas Financial Planning Approved Products List at the relevant time.
Appears in 1 contract
Sources: Authorised Representative Agreement