The Financial Services Reform Act (FSRA) came into effect on the 11th March 2002 and represents an industry wide change to the financial services industry in Australia.

The FSRA introduces uniform licensing, disclosure and conduct requirements across the current broad range of financial services. Providers of financial services need to be either licensed or act as an Authorised Representative of a licensee to provide these services.

Providing a financial service includes:

• Providing advice in relation to financial products (including general insurance)
• Issuing a financial product (including general insurance)
• Applying for, acquiring, varying or disposing of a financial product on behalf of another

The FSRA is overseen by the Australian Securities & Investments Commission (ASIC). For further information on the FSRA please visit the ASIC website www.asic.gov.au.