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How do I notify FinClear of a change in AFSL?

Your CAR is unchanged but you have a new licensee

You must notify FinClear immediately if you are intending to change to a new Australian Financial Services Licence (AFSL) and in advance of the change date.

FinClear are required to report an AFSL number to ASX against each trade, so it is important this information is correctly recorded in our back-office. 

Important - Your Corporate Authorised Rep (CAR) entity must remain the same i.e. no change in ABN. If your entity is also changing, we will need to onboard your new entity and as a new client of FinClear and transfer the accounts across. 

Please follow below steps to change your AFSL:

  1. Notify FinClear of your intention to change AFSL and the expected timeframe. If FinClear do not have an existing Intermediary Services Agreement with your new licensee, we will need to onboard them prior to the change. 
  2. Check all your FinClear accounts to confirm these are still your clients, if no longer your clients follow our guide to offboard an account from FinClear.
  3. For all remaining accounts, confirm you will retain access to all original application forms and AML/KYC documentation (noting FinClear may conduct an audit of these at any time).
  4. Notify all remaining account holders of the change in AFSL
  5. Raise a ticket via our Client Support Portal (Ivanti) and attach:
    a) Release letter from old AFSL including consent to migrate historical data
    b) Copy of notification sent to clients 
    c) Accceptance letter from new AFSL
    d) Confirmation of the date of the change
  6. FinClear will update the AFSL in the following locations:
    - back-office
    - trading platform
    - contract notes
    - billing 
  7. Trades will be reported under your new AFSL number from this date and your next months billing pack will be delivered to your new licensee.