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 鈥榣imited AFS licensee鈥� 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鈥檚 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
- 鈥榗lass of product advice鈥� 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 鈥榗lass of product advice鈥� 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 ob体育鈥檚 Limited AFS licensees: Quick guide.