What is the difference between an ACL and AFSL?
Australian Credit Licence (ACL): An ACL is a licence issued by the Australian Securities and Investments Commission (ASIC) that authorises a business to provide credit services. An ACL allows a business to offer services such as:
- Providing credit to consumers
- Arranging credit for consumers
- Providing credit assistance
- Providing credit advice
- Operating a loan or finance company
- Operating a mortgage broking business
- Providing a guarantee of a consumer’s obligations
- Assisting a consumer to apply for credit
- Assisting a consumer to negotiate the terms of a credit contract
- Assisting a consumer to manage their credit
- Assisting a consumer to obtain credit
- Assisting a consumer to obtain a loan
- Providing a consumer with a credit report.
Australian Financial Services Licence (AFSL): An AFSL is a licence issued by ASIC that authorises a business to provide financial services. An AFSL allows a business to offer services such as:
- Providing financial product advice
- Dealing in a financial product
- Making a market for a financial product
- Operating a registered managed investment scheme
- Operating a superannuation fund
- Operating a custodial or depository service
- Providing a financial service
- Providing a superannuation service
- Providing a custodial or depository service
- Providing a foreign exchange service
- Providing a margin lending service
- Providing a clearing and settlement facility.
Difference between an ACL and AFSL: The main difference between an ACL and an AFSL is that an ACL authorises a business to provide credit services, while an AFSL authorises a business to provide financial services. An ACL allows a business to provide services related to credit such as arranging credit, providing credit advice, and assisting with credit applications, while an AFSL allows a business to provide services related to financial products such as dealing in financial products, providing financial product advice, and operating a managed investment scheme.
Useful References
Official Guides
- What Australian national authorities regulate the provision of financial products and services
- What activities does each national financial services authority regulate?
- What products does each national financial services authority regulate?
- What are gatekeepers in the regulatory structure?
- What are the duties of directors and senior managers?
Answers
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