Being a financial planner in Australia is rewarding. But it isn’t easy from a legal-compliance perspective. Since licensing was born in 2004, you’ve had to learn lots of lingo. You know all about AFSLs, FSR, FSGs, PDSs, SOAs, SOAAs, ROAs, and GAWs.

Not only that, but you’ve had to learn what to do with all this stuff. For example, if it’s a disclosure document, when to give it to the client.

If you get it wrong, well, that’s a breach, and you may need to dob yourself in to the regulator, if it’s a significant one. Regardless, you certainly need to report it internally.