AFSL Search logoAFSL Search

Who Needs an AFSL?

If your business provides financial services in Australia, you generally need to hold an AFSL or be an authorised representative of someone who does. This guide covers the activities that trigger the requirement and the main exemptions.

Last reviewed: 2026-05-30

The general rule

Under the Corporations Act 2001, a person who carries on a financial services business in Australia must hold an Australian Financial Services Licence that covers the services they provide — unless an exemption applies.

"Carrying on a business" implies a degree of system, repetition and continuity. One-off, incidental conduct is treated differently from running an ongoing financial services operation.

Activities that usually require an AFSL

You generally need an AFSL (or to be authorised under one) if you:

  • Give financial product advice to clients (general or personal advice)
  • Deal in financial products — for example issuing, arranging, or trading them
  • Make a market for a financial product
  • Operate a registered managed investment scheme
  • Provide a custodial or depository service
  • Provide traditional trustee company services

Become a licensee or an authorised representative

There are two common ways to operate legally: hold your own AFSL, or be appointed as an authorised representative of an existing licensee. Authorised representatives act under the licensee's AFSL and the licensee takes responsibility for that conduct.

Which path suits you depends on the scale of your business, the level of control you need, and your appetite for the compliance obligations that come with holding a licence.

Exemptions and special cases

Some conduct is exempt or subject to specific relief — for example certain dealings by wholesale-only providers, limited activities by accountants, or services provided under specific class orders. Exemptions are narrow and conditional.

Because the boundaries are technical and penalties for unlicensed conduct are serious, businesses usually confirm their position with a lawyer or licensing specialist before relying on an exemption.

Look up any AFSL, Credit, DCE or Remittance record by name, number, ABN or ACN.

Search the register

Frequently asked questions

Do I need an AFSL to give financial advice?

Generally yes — providing financial product advice is a financial service. You must hold an AFSL that authorises advice, or be an authorised representative of a licensee that does.

Can I operate under someone else's AFSL?

Yes. You can be appointed as an authorised representative of an AFSL holder and provide services under their licence, within the scope they authorise.

What happens if I provide financial services without a licence?

Carrying on a financial services business without the required licence is an offence under the Corporations Act and can lead to significant penalties. Seek professional advice if you are unsure.

This guide is general information about Australian financial licensing, not legal, financial or compliance advice. AFSL Search is independent and not affiliated with ASIC or AUSTRAC. Always confirm current requirements with ASIC or a qualified professional.