Limited AFS licensees
Who is this information for?
This information will be relevant to you if you are a limited AFS licensee or a representative of a limited AFS licensee.
While limited AFS licensees are often accountants, this is not always the case.
Who is a limited AFS licensee?
We use the term ‘limited AFS licensee’ to describe individuals, companies and any other firms that hold an AFS licence that authorises them to provide only one or more of the following limited financial services:
- financial product advice about:
- self-managed superannuation funds (SMSFs)
- a client’s existing superannuation holdings, to the extent required for making a recommendation to establish an SMSF or providing advice to a client on contributions or pensions under a superannuation product
- ‘class of product advice’ about:
- superannuation products
- securities
- simple managed investment schemes
- general insurance products
- life risk insurance products
- basic deposit products
- arranging to deal in an interest in an SMSF.
An AFS licensee who is authorised to provide financial services other than these limited financial services is not a limited AFS licensee. For example, an AFS licensee who can provide financial product advice about securities (rather than ‘class of product advice’ about securities) is not a limited AFS licensee because financial product advice about securities is not covered in the list above.
For more information on:
- What activities limited AFS licensees can carry out, see Information Sheet 227 What can limited AFS licensees do? (INFO 227)
- The conduct and disclosure obligations that apply to a limited AFS licensee and, in some cases, a representative of a limited AFS licensee when providing advice to retail clients, see Information Sheet 228 Limited AFS licensees: Advice conduct and disclosure obligations (INFO 228)
- The licensing obligations that apply to a limited AFS licensee, see Information Sheet 229 Limited AFS licensees: Complying with your licensing obligations (INFO 229)
- Some of the main obligations that apply when giving advice to retail clients under a limited AFS licence, see ASIC’s Limited AFS licensees: Quick guide.
