The Australian Securities & Investments Commission has invited feedback on a proposal to remake a legislative instrument that provides relief for Australian financial services licensees distributing basic deposit products and general insurance products. The relief removes the requirement for an AFS licensee to appoint a distributor of these products as its authorised representative, and the existing instrument is scheduled to end on 1 October 2025. ASIC assessed the instrument as generally operating effectively and efficiently and proposes remaking it for a further five years to continue reducing technical compliance burdens and associated costs for providers, supporting the availability of these products. The relief does not remove or reduce consumer protection obligations imposed on AFS licensees under the Corporations Act 2001. Feedback is due by 5 pm AEST on 25 June 2025, with ASIC referencing CS 20 on the proposed remake.
Australian Securities & Investments Commission 2025-05-28
Australian Securities & Investments Commission consults on five-year extension of relief from authorised representative appointments for basic deposit and general insurance product distribution
The Australian Securities & Investments Commission (ASIC) seeks feedback on remaking a legislative instrument providing relief for financial services licensees distributing basic deposit and general insurance products. This relief, exempting licensees from appointing distributors as authorised representatives, expires on 1 October 2025. ASIC found it effective and proposes a five-year extension to reduce compliance burdens and costs while maintaining consumer protection under the Corporations Act 2001.