• CMI Legal

When Do You Need an Australian Financial Services Licence (AFSL) and How to Get One?

As the name suggests, you are required to obtain an AFSL if you or your employees provide financial products or services to clients.

Photograph by Karolina Grabowska

The AFSL regime is primarily regulated by the Australian Securities & Investments Commission (ASIC) and according to the authority, providing financial services include:

  • ‘Providing financial product advice to clients for example, giving a recommendation to clients or the general public about which financial product they should purchase;

  • Dealing in a financial product for example, buying or selling shares on behalf of a client or issuing interests in a managed investment scheme;

  • Making a market for a financial product for example, where you regularly quote prices at which people can buy or sell financial products;

  • Operating a registered managed investment scheme. ASIC is also required to register managed investment schemes that are offered to retail clients;

  • Providing a custodial or depository service for example, holding a financial product, or a beneficial interest in a financial product on trust for a client;

  • Providing traditional trustee company services for example, preparing estate management functions;

  • Providing a crowd funding service;

  • Providing a superannuation trustee service; or

  • Providing a claims handling and settling service.’


Application Step 1

Complete an Application for AFS Licence (FS01) Form online using the ASIC eLicensing system.

Application Step 2

You will be required to email to the following:

  1. Copies of your core proof documents (see List A); and

  2. The signed print-out of Form FS01.

ASIC will only accept your application for lodgement if you submit the online application form, email your print-out of the form as well as your core proof documents at the same time.