What does AFSL stand for in Australia?
Australian Finance Services
AFSL stands for Australian Finance Services (AFS) Licence.
How do I check my AFS license?
The ASIC Connect Professional Registers will tell you if the company or person holds an AFS licence. You can also check ASIC Connect within the ‘organisation and business names search’ to see if a scheme is registered with ASIC.
What is an AFSL holder?
AFSL Holder means a person who holds an Australian financial services licence issued under Chapter 7 of the Corporations Act.
How do I get my Australian financial services AFS licence?
To be eligible for this licence you must:
- meet approved qualification and competency standards and / or have practical experience.
- have sufficient financial resources to carry on the proposed business.
- be able to meet certain obligations as a licensee such as training, compliance, insurance and dispute resolution.
What does an AFSL allow you to do?
An AFS licence authorises you and your representatives to provide financial services to clients. You provide financial services if you: provide financial product advice to clients for example, giving a recommendation to clients or the general public about which financial product they should purchase.
How long does it take to get an AFSL?
Once you lodge your AFSL application and submit the required documents to ASIC, you will need to allow for somewhere in the vicinity of 5 to 8 months for the whole process to reach a conclusion. More complex applications take longer.
Do I need an Australian Financial Services Licence?
If you want to run a financial services business, you generally need to be authorised under an AFS licence. An AFS licence authorises you and your representatives to provide financial services to clients.
How many AFSL are there in Australia?
The second thing that has changed over the last five years was the total number of AFSL holders which has rapidly gone up to around 2,100 in 2020 (from 1,200 in 2015).
How many AFSL holders are in Australia?
How much does an AFSL cost?
In our experience, applying for a new AFSL costs between $10,000 – $60,000 depending on its complexity. That doesn’t include getting all the legal documents in order, but if you buy a new business, you’ll want to review its legal documents anyway.
Is an AFSL a financial institution?
Australian Financial Services Licence (AFSL) is a legal licence provided by the Australian Securities and Investments Commission (ASIC) enabling the operation and activities of Australian financial services businesses.
What Authorisations are needed for an AFSL?
The AFSL application will need both ‘advice’ and ‘dealing to acquire, vary or dispose’ authorisations in all of these financial products unless an advice exemption applies. You will also need the authorisations to cover managed investment schemes, i.e. so you can advise and deal in your own fund.
What is an Australian Financial Services (AFS) licence?
You must have an Australian financial services (AFS) licence to conduct a financial services business. If you carry on a business of providing financial services, you must hold an AFS licence (unless you are exempt or are authorised to provide those services as a representative of another person who holds an AFS licence).
Do I need an AFS licence?
If you carry on a business of providing financial services, you must hold an AFS licence (unless you are exempt or are authorised to provide those services as a representative of another person who holds an AFS licence). You may need an AFS licence if, as part of your business, you:
How can I get more information about a company using AFSL?
All the data will be provided to you instantly, so you don’t waste even a minute of your time! If you’re interested in getting more information about a certain company, and the information you have is its AFSL number, you should enter “ASFL” in the search bar of our website along with the code, for example, 291471.
How does ASIC assess applications for AFS licences?
ASIC assesses applications for AFS licences as part of our role as regulator of the financial services industry. When we assess a licence application we consider whether the applicant: is competent to carry on the kind of financial services business specified in the application;