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What is the difference between an ACL and AFSL?


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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.

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