Australian Financial Services Licensing (AFSL) Forum

Home Forums Australian Financial Services Licensing (AFSL) Forum Do you need to display the licence holder before the AFSL if you\’re a CAR or AR?

This topic contains 1 reply, has 2 voices, and was last updated by  Andrew Ham 2 years, 9 months ago.

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #4964 Reply

    Richard

    Hi, do you need to display the license holder before the AFSL if you’re a CAR or AR?

    For instance does a CAR need to display the AFSL like the below

    Fake Business Name – Authorised Representative of AFSL 12345

    or

    Fake Business Name- Authorised Rep. of Fake Pty Ltd AFSL 12345

    #4973 Reply

    Andrew Ham
    Member

    Hello Richard,

    Thanks for your question.

    As an authorised representative, you have been appointed by an AFSL holder to provide certain financial services on its behalf. You must therefore include your business’s name and AFSL number on documents issued under its authority such as SOAs and your FSG. You should also include your authorised representative number.

    Taking your example of “Fake Business Name” as an authorised representative of a licensee that is Fake Pty Ltd the relationship would be disclosed as follows: –

    • Fake Business Name, Authorised Representative (No. 1234) of Fake Pty Ltd, AFSL No. 5678.

    Don’t forget companies also have an obligation to include their ABN or ACN on most documents they issue.

    We suggest you review ASIC’s Regulatory Guide 90, which sets out an example Statement of Advice, including the required details of the authorised representative (providing entity) and the authorising licensee.

    It is also important to consider any obligations you may have under a CAR or AR agreement. These may include an obligation to display or disclose information on written material provided to clients, such as the licensees name, number and business address, along with the CAR or AR’s details.

    Please feel free to contact our Financial Services Team for further assistance.

    Authors: Andrew Ham (Senior Lawyer) and Greta Walters (Legal Clerk)

     

Viewing 2 posts - 1 through 2 (of 2 total)

Reply

Reply To: Do you need to display the licence holder before the AFSL if you\’re a CAR or AR?

Your information:


<a href="" title="" rel="" target=""> <blockquote cite=""> <code> <pre> <em> <strong> <del datetime=""> <ul> <ol start=""> <li> <img src="" border="" alt="" height="" width="">

  • Free answers to common Financial Services Regulation (FSR), Consumer Credit and AML/CTF issues.

    Click here to join our LinkedIn group for responsible managers and compliance professionals.
    joinUsOnLinkedIn
  • trex

    Tailored Regulatory Exchange

    what is this and does it bite ?

    Find OutLogin

  • Legal Advice

    Review your AFSL or ACL disclosure documents, conduct a licensee audit and more…

    Get Legal Advice

  • Compliance support

    Responsible Manager Training, AFSL, and ACL applications and variations and more…

    Compliance support