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.
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