ASIC clarifies adviser obligation in relation to AFSL
In response to industry confusion, the Australian Securities and Investments Commission (ASIC) has clarified that authorised representatives do need to identify their Australian Financial Services Licensee (AFSL) in business documentation.
According to ASIC director of compliance Jennifer O’Donnell, this measure is necessary to avoid creating the impression that authorised representatives are acting as a principal when they are not.
“This is particularly important for consumers because it is the licensee who is ultimately responsible for the financial services provided by an authorised representative,” she said.
AUTHOR
Recommended for you
Under new OAIC guidance, financial advisers who opt to use AI to provide advice have an obligation to demonstrate to clients how they reached their decisions and why that option was taken.
Digital advice platform Otivo chief executive, Paul Feeney, has detailed how its partnership with Colonial First State is expanding the accessibility of advice as it looks to partner with other industry players.
Head of client partnerships at GBST, Ashley Mahadeea, has left the business after seven years to join My Dealer Services, which helps advisers become self-licensed.
A concerted effort by Generation Life to target financial advisers has paid off as the firm reports “exceptional” inflows for the September quarter.
