Australian Financial Services Licensing (AFSL) Forum

This topic contains 1 reply, has 2 voices, and was last updated by Paul Derham Paul Derham 5 years, 4 months ago.

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  • #4769 Reply

    licencefx
    Member

    Do you only need to add Financial Advisors / Authorised Representatives that give personal advice to ASIC register? what about employee’s that only give general advice?  Should they be added as authorised representatives? It does say financial advisors that give’s personal advice, but on ASICs website under authorised representatives “to provide particular financial services or products on their behalf” what does that mean?

    #4776 Reply
    Paul Derham
    Paul Derham
    Keymaster

    Hello,

    Thanks for your question.

    Firstly, financial advisers and authorised representatives are registered on two separate registers; these being the Financial Adviser Register and the Authorised Representative Register, respectively.  Each register has different information requirements.

    ASIC states that, for the purposes of the Financial Adviser Register, a financial adviser is an individual authorised to provide personal advice in relation to relevant financial products to retail clients. This current scope excludes advisers who provide general advice only to retail clients and wholesale clients, personal advice to wholesale clients, and personal advice on basic banking products, general insurance products, consumer credit products or a combination of any of those products to retail clients or wholesale clients.

    An authorised representative is defined by ASIC, for the purposes of the Authorised Representative Register, as an individual, body corporate or partnership authorised by an AFS licensee to provide particular financial services or products on their behalf.  This means that the authorised representative will provide products and/or services that they are competent in providing, and which come within the authorisations covered by the relevant Australian Financial Services Licence.

    In summary, both employee representatives and authorised representatives who provide personal advice to retail clients must be included on the Financial Adviser Register. ARs will also be included on the AR Register.

    In answer to your final question, an authorised representative provides financial services to people on behalf of the licensee as its agent.  Employee representatives are the licensee when providing financial services.

     

    For further information please contact our Financial Services Team.

     

    Author: Paul Derham 

    Co-contributor: Greta Walters

    Keep an eye out for the launch of our new Sydney office on Martin Place in July 2016!!  We are very excited about this opportunity to service our Sydney clients.

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