An Authorised Representative is an insurance professional that typically acts on behalf of one or more insurers, selling their products and/or services.
Only the holder of an Australian Financial Services License (AFSL) such as RGIB’ is permitted to carry on a financial services business in Australia.
A common structure used in the financial services industry involves an AFSL holder appointing a person who is neither its director, officer nor employee as their authorised representative.
Thus, authorised representatives need to be appointed by an AFSL holder, such as RGIB and cannot otherwise carry on any financial service business without such authorisation.
All RGIB’ Authorised Representatives have to partake in RGIB’s ongoing compliance program and be willing undertake further training as required from time to time to meet our minimum requirements for compliance, namely completion of:
- General Insurance Code of Practice including Privacy training etc’;
- ASIC PS 146 Tier 1 accreditation – RGIB will assist with this aspect;
- Advice & Non Advice training depending on level of requirements;
- RGIB product and services training.
For further information about legislative requirements pertaining to;
