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Home Forums Australian Financial Services Licensing (AFSL) Forum Authorised Representative – Multiple CARs

This topic contains 3 replies, has 2 voices, and was last updated by  Jaya Karnani 3 months, 1 week ago.

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  • #4594 Reply

    KMack

    I would appreciate your comments and any legislation references about the following scenario involving multiple appointments of the same individual Authorised Representative:

    – Company A holds the AFSL

    – Company B is a Corporate Authorised Rep of Company A

    – Company C is a prospective Corporate Authorised Rep of Company A

    – Person D is a director of each of Company A and Company B and Company C

    – Person D is currently an individual Authorised Representative of Company B

    Question: Can Person D be separately authorised as an individual Authorised Representative of Company C?

    ie can Person D be issued with two separate ASIC Authorised Representative numbers and have a different set of authorities under each (given that Company C will have more limited authorisations than Company B)?

    Thanks for your consideration.

    #4601 Reply

    Thanks for your question.

    By way of general discussion, an individual is issued with an authorised representative (AR) number which attaches to that person for life. It is not possible for a person to have more than one number assigned to them. The authority which governs what an authorised representative can do on behalf of a licensee may be specified through an AR agreement. It may be possible to draft this agreement to provide for differing duties, depending on the situation.

     

    The AR cannot perform financial services that its licensee is not authorised to perform or that its licensee has not authorised the AR to do. Where two separate CARs have the same director, it may be possible for that director to carry out different authorised financial services, as they relate to the separate CARs. Appropriate written documentation and agreements may be required in order for this to be effectively achieved.

     

    Given the nature of this forum and the limited information available we are unable to give you any specific or tailored advice. We would however suggest that you seek legal advice in order to discuss the matter in the required detail.

     

    Author: Michelle Chasser

    Co-contributor: Georgia Dixon

    #4602 Reply

    KMack

    Thanks for the guidance at that level and we’ll investigate accordingly. My next consideration is how/whether the Financial Adviser Register accommodates such circumstances! Many thanks.

    #6024 Reply

    Jaya Karnani

    Can SOA have a dual Logo ( AFSL & CAR) Both as per the compliance point of view ?

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