What an AFSL Does
An Australian Financial Services Licence (AFSL) is issued by the Australian Securities and Investments Commission (ASIC) under the Corporations Act 2001. It authorises a business to provide financial services in Australia and sets out the obligations the licensee must meet in doing so. NWG Financial Services holds AFSL 538619.
The role of a licensee
A licensee is the entity legally responsible for the financial services provided under its licence. NWG Financial Services provides the licensing framework, supervision, compliance oversight, and professional standards under which its authorised representatives operate.
Advice is delivered to clients by authorised representatives. The licensee is responsible for ensuring that advice meets regulatory and professional standards.
Licensee obligations
- Maintain the organisational competence, resources, and risk management systems required to provide financial services
- Ensure all representatives are adequately trained, supervised, and meet ongoing professional development requirements
- Maintain professional indemnity insurance in accordance with section 912B of the Corporations Act 2001
- Monitor compliance with the Financial Planners and Advisers Code of Ethics 2019
- Operate internal dispute resolution and external dispute resolution arrangements
- Report material breaches to ASIC in accordance with the reportable situations regime
What our AFSL authorises
Under AFSL 538619, NWG Financial Services is authorised to provide financial product advice and dealing services in relation to the following classes of financial products to retail and wholesale clients:
- Deposit and payment products (basic deposit products)
- Government debentures, stocks and bonds
- Life products (investment life insurance and life risk insurance)
- Interests in managed investment schemes (including investor directed portfolio services)
- Retirement savings accounts
- Securities
- Superannuation
- Self-managed superannuation funds
Authorisations listed are indicative and subject to confirmation against the licence document held with ASIC.