Meaning of some terms relating to licensing of providers of financial services
In this Act: body corporate licensee means a body corporate that: (a) is a financial services licensee; and (b) is authorised to provide personal advice to retail clients in relation to relevant financial products. class of product advice means financial product advice about a class of products, but does not include a recommendation about a specific product in the class. CPD year (short for continuing professional development year): a financial services licensee’s CPD year is the 12‑month period beginning on the day of the year included in the most recent notice given by the licensee under section 922HA. foreign qualification means a bachelor or higher degree, or equivalent qualification, awarded by a tertiary education institution outside Australia. limited‑service time‑sharing adviser: a person is a limited‑service time‑sharing adviser if: (a) the person is a relevant provider; and (b) the only relevant financial product that the person provides advice in relation to is a time‑sharing scheme; and (c) the person has not met any one or more of the education and training standards in subsections 921B(2) to (4). qualified tax relevant provider: a person is a qualified tax relevant provider if: (a) the person is a relevant provider; and (b) one or more of the following applies: (i) the person is a registered tax agent; (ii) if a determination is in force under subsection 921BB(1)—the person meets each requirement set out in the determination that is of a kind mentioned in any of paragraphs (a) to (d) of that subsection. relevant financial products means financial products other than: (a) basic banking products; or (b) general insurance products; or (c) consumer credit insurance; or (d) a combination of any of those products. relevant provider: a person is a relevant provider if the person: (a) is an individual; and (b) is: (i) a financial services licensee; or (ii) an authorised representative of a financial services licensee; or (iii) an employee or director of a financial services licensee; or (iv) an employee or director of a related body corporate of a financial services licensee; and (c) is authorised to provide personal advice to retail clients, as the licensee or on behalf of the licensee, in relation to relevant financial products.
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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