What is an AFSL?
An AFSL permits businesses to conduct financial product advice, financial product dealing, portfolio management and other financial services in Australia.
Eight-step application process
- Identify services — define which financial services your business will provide.
- Check requirements — organisational competence, financial capacity, risk management.
- Appoint Responsible Managers.
- Establish compliance systems — policies, procedures, training.
- Prepare documentation — business descriptions, financials, policies, RM credentials.
- Submit application through ASIC’s eLicensing portal.
- Respond to queries from ASIC promptly.
- Implementation — deploy compliance systems after approval.
Ongoing requirements
- Regular reporting and record-keeping
- Staff training and competency updates
- Risk management and internal audits
- Client disclosure and transparency
FAQs
Timeline: ASIC targets 120 days; typically 4–8 months total.
Cost: ASIC fees range $3,721–$7,537; total costs often $10,000–$60,000+.