ASIC has also released a further eight guidance papers designed to help industry participants complete their applications for an AFS licence. Copies of the new guidance papers can also be obtained from the FSR page of the ASIC website.

One of the papers covers life and general insurance brokers, while another covers advisers, brokers and dealers in derivatives and foreign exchange contracts.

They are a step-by-step guide designed to help applicants work out the types of authorisations they will need to apply for in order to conduct their financial services business under an AFS licence. ASIC said some applicants would need to refer to more than one guide depending on the complexity of their business.