ASIC has registered ASIC Corporations (Financial Services Guides) Instrument 2022/910 which exempts an authorised representative of a financial services licensee from the requirement to give a Financial Services Guide to a person as a retail client for the authorised representative providing a financial service on behalf of the licensee, subject to conditions.
The relief from the requirement to provide a Financial Services Guide is limited to representatives that are authorised by licensees to:
- deal in general insurance products and/or bundled consumer credit insurance products and
- provide claims handling and settling services.
The representative must draw the client’s attention to the availability of a dispute resolution system for client complaints and give the client information in writing about who the authorised representative acts for when providing the financial service and any remuneration (including commission) that the authorised representative may receive.
The relief commenced on 29 November 2022 and will expire in five years.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
