Australian Securities & Investments Commission remakes relief exempting AFS licensees from appointing basic deposit and general insurance distributors as authorised representatives until 2030

The Australian Securities & Investments Commission has remade its legislative instrument providing relief that exempts Australian financial services (AFS) licensees from appointing a basic deposit or general insurance product distributor as their authorised representative. The remade instrument extends the relief until 27 August 2030. The measure is intended to reduce regulatory burden for deposit product and general insurance providers by removing technical requirements linked to representative appointments, with ASIC noting this can help keep compliance costs down and support the availability of these products to consumers. ASIC assessed the instrument as operating effectively and efficiently; it was remade as ASIC Corporations (Basic Deposit and General Insurance Product Distribution) Instrument 2025/520 on 27 August 2025 following a May 2025 feedback process that attracted one supportive submission. ASIC also confirmed the relief does not remove or reduce consumer protection obligations under the Corporations Act 2001, and consumers should receive the same protections as if dealing directly with the provider. ASIC said it will continue monitoring whether the instrument remains appropriate, drawing on supervisory experience and stakeholder feedback.