THE QUICK ANSWER:
An authorised representative is an individual or entity that acts on behalf of an Australian financial services licensee (AFSL) to provide financial services to clients
An authorised representative is an individual or entity that acts on behalf of an Australian financial services licensee (AFSL) to provide financial services to clients.
An authorised representative must be appointed by the holder of an AFSL and is required to comply with the same obligations and standards as the licensee they represent. The licensee is ultimately responsible for the actions of its authorised representatives, including any breaches of financial services laws or regulatory requirements.
An authorised representative must meet certain criteria, including having adequate qualifications, training, and experience to provide the financial services they offer. They must also adhere to a strict code of conduct and follow all relevant laws and regulations, including those relating to client disclosure, privacy, and dispute resolution.
The activities an authorised representative can perform on behalf of the licensee depend on the scope of their authority. They may be able to provide financial advice, deal in financial products, or provide other financial services. It’s important to note that the licensee is responsible for ensuring that the authorised representative is only authorised to provide financial services that are within their competence and expertise.
In summary, an authorised representative is a person or entity authorised to provide financial services on behalf of an AFSL holder in compliance with Australian financial services laws and regulations.
MARQ Trustees will typically appoint its investment manager clients as authorised representatives to provide
- General advice to wholesale clients in respect of the fund we are engaged to establish for them; and
- Dealing services to enable them to operate the business of the fund.
