Exciting news!
Written and accurate as at: Oct 31, 2020 Current Stats & Facts
We are writing to let you know about some exciting news and changes that are happening at CommonCents. For much of this year we have been steadily working towards achieving our own Australian Financial Services Licence or AFSL. This has been a big project for us, and we are very pleased to be able to announce that the Australian Securities and Investment Commission (ASIC) have now granted us draft approval for our own AFSL.
CommonCents have in the past, operated under an AFSL controlled by MLC - part of the National Australia Bank group. Whilst this has been a generally positive experience, we have increasingly formed the view that holding our own AFSL would allow us to focus more on your needs and advocate more effectively on your behalf. Operating at arm’s length from all financial product providers will be a clear benefit to all our valued clients and provides even greater assurance of our long-term commitment to you.
Since the Banking Royal Commission last year and the launch of the new Code of Ethics for financial planners this year - there has been a growing trend of large financial institutions exiting financial advice altogether, and professional advice practices seeking their own AFSL. We believe this will be a positive outcome for clients and their financial wellbeing.
Should you wish to find out more you can watch a short video setting out more details regarding the change at www.commoncentsfp.com.au/licence or by simply giving the office a call on 1300 376 781.
An official notification from CommonCents and our current AFSL will follow in the next week, but importantly no action is required on your part. Furthermore, no changes to your financial strategies or solutions will occur as a result of our new AFSL unless at some point in the future your circumstances or needs change - and we have reviewed and discussed those changes.
Thanks again for your continued trust and support.
Nick Girle & Richard Brannelly
