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ASIC publishes new limited AFSL materials

The corporate watchdog today released fresh webpage guidance and information sheets to help those holding a limited Australian financial services licence (AFSL) and their representatives understand their key obligations.

The Australian Securities and Investments Commission’s (ASIC) guidance covers the main issues limited licensees requested additional guidance on.

This guidance also follows an ASIC visit to limited AFSL holders during 2016 and 2017.

The new material explains who a limited licensee is and who a representative of a limited licensee is, the activities limited licensees can undertake, as well as the conduct and disclosure obligations that apply to them when giving advice.

Further, the material covers what limited AFSL holders need to do on an ongoing basis.

According to ASIC, the material was tailored specifically for limited AFSL holders, drawing the most relevant information from existing ASIC guidance.

To further support limited licensees, ASIC has also produced a quick guide summarising the key obligations that apply when they give advice, whereby the purpose of the guide is to provide “quick glance reminders” for new licence holders.

ASIC encouraged limited licensees and their representatives to download, keep and refer to the resource as they built up their businesses in providing financial advice.

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