Everything You Need To Know About AFSL Representative
Does the licensing regime prevent you from becoming an AFSL representative ? If you are getting tired of continuous bills and seek the freedom of operating your own AFSL, consider becoming a representative under license. In 2005, the Financial Services Reform Act 2001 was introduced with new provisions so investors can make informed decisions about whether certain products are suitable for them. While the Reform Act makes product disclosure statements for financial products, it also provides information relating to AFSL representatives. More specifically, established cooperate authorized representatives who are practicing under an AFSL yet are looking to operate their own AFSL, need to consider the following information: Guidelines of Section 916D 1. A financial services licensee must not be an authorised representative of another financial service. 2. A purported authorisation given in breach of this requ...