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An Australian Financial Services Licence (AFSL) is a licence issued by the Australian Securities and Investments Commission (ASIC) that authorises a business to provide financial product advice, deal in financial products (including insurance), and operate financial markets. Insurance brokers and insurers must hold an AFSL or operate as an authorised representative of an AFSL holder.
Dealing with a licensed AFSL holder gives you important legal protections. They are bound by obligations around best interest duty, disclosure, training standards, and dispute resolution through AFCA. If something goes wrong, you have a regulated complaints pathway. Anyone providing insurance advice without an AFSL or without being an authorised representative is operating illegally — always check credentials before engaging.
An authorised representative is an individual or firm that is authorised by an AFSL holder to provide financial services on their behalf. Many individual insurance brokers operate as ARs of a larger licensee rather than holding their own AFSL. The AR is accountable to the AFSL holder, who is ultimately responsible for the AR's conduct. Clients have the same legal protections whether dealing with the AFSL holder directly or through an AR.
CoverMy connects you with licensed Australian insurance brokers who compete for your business.
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