The providing entity, whether it is the licensee or the AR, needs to give an FSG when it provides financial product advice to retail clients. One licensee can prepare an FSG for all of its ARs to give out, provided that it meets the content requirements in the Corps Act; one of these requirements is to list the authorised representatives.
Do the licensee’s FSGs being given out by the ARs you have seen state that the providing entity is an AR of the licensee? If not, there may be an issue.
If you have any specific concerns, you can contact our office and speak to one of our financial services lawyers for advice.
Author: Sam Hills
Co-contributor: Sarah Holley
