{"id":"F2022L01530","name":"ASIC Corporations (Financial Services Guides) Instrument 2022/910","slug":"asic-corporations-financial-services-guides-instrument-2022-910","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":441615,"registerId":"F2022L01530-fast-fetch-1775956876025","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Financial Services Guides) Instrument 2022/910","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\nmeta-generator: Aspose.Words for .NET 22.10.0\ntitle: 20220824 - FSG Distributors Instrument\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Financial Services Guides) Instrument 2022/910\n\nI, Rhys Bollen, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 24 November 2022\n\n \n\n \n\nRhys Bollen\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc116045366)\n\n[1 Name of legislative instrument](#_Toc116045367)\n\n[2 Commencement](#_Toc116045368)\n\n[3 Authority](#_Toc116045369)\n\n[5 Financial Services Guide](#_Toc116045370)\n\n[Part 3—Repeal](#_Toc116045371)\n\n[6 Repeal](#_Toc116045372)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Financial Services Guides) Instrument 2022/910.\n\n2 Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au).\n\n3 Authority\n\nThis instrument is made under section 951B of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nPart 2—Exemption\n\n5 Financial Services Guide\n\n(1) An authorised representative of a financial services licensee (the licensee) does not have to comply with subsection 941B(1) of the Act to the extent it requires the authorised representative to give a Financial Services Guide to a person as a retail client (the client) for the authorised representative providing a financial service on behalf of the licensee.\n\nWhere exemption applies\n\n(2) The exemption in subsection (1) applies where all of the following are satisfied:\n\n(a) the authorised representative is authorised by the licensee to provide both of the following financial services on behalf of the licensee:\n\n(i) deal in a financial product;\n\n(ii) provide a claims handling and settling service;\n\n(b) the authorised representative is not authorised by the licensee to provide financial services other than those in subparagraphs (a)(i) and (ii);\n\n(c) the financial service provided by the authorised representative on behalf of the licensee is dealing in either of the following:\n\n(i) a general insurance product;\n\n(ii) a bundled consumer credit insurance product (within the meaning of ASIC Corporations (Basic Deposit and General Insurance Product Distribution) Instrument 2015/682);\n\n(d) the licensee has taken reasonable steps to ensure that, when the authorised representative provides the financial service to the client:\n\n(i) the authorised representative draws the client’s attention to the availability of a dispute resolution system of the licensee that covers complaints by the client in relation to the financial service and how that system may be accessed; and\n\n(ii) the client is given information in writing about:\n\n(A) who the authorised representative acts for when providing the financial service; and\n\n(B) any remuneration (including commission) or other benefits that the authorised representative, or an associate of the authorised representative, may receive in respect of, or that is attributable to, the provision of the financial service.\n\n\nPart 3—Repeal\n\n6 Repeal\n\n This instrument is repealed five years after the day this instrument commences.\n","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument maintains a narrow, targeted scope consistent with its apparent original intent. It creates a specific exemption for insurance intermediaries regarding FSG requirements without expanding into broader financial services or additional disclosure regimes. The 5-year sunset clause reinforces that this was designed as a limited, temporary measure rather than a permanent structural change."},"complexity_factors":["Short instrument: only 6 sections across 3 Parts","Single, tightly scoped exemption with 4 clear conditions in subsection 5(2)","Only 2 defined terms ('Act' and implicit references to legislation)","Minimal cross-referencing: only references to Corporations Act section 941B(1) and ASIC Instrument 2015/682 for definition of 'bundled consumer credit insurance product'","No nested exceptions or complex conditional logic—conditions are cumulative (all must be satisfied) and clearly enumerated","Automatic sunset clause (5-year repeal) adds simplicity by removing need for ongoing political management"],"plain_english_summary":"ASIC has made a temporary rule allowing certain insurance authorised representatives to omit a full Financial Services Guide (FSG). It applies only to reps authorised solely to sell general or bundled consumer‑credit insurance and handle claims. Instead, clients must receive written disclosures identifying who the rep acts for, any commissions/fees, and how to access complaints and dispute resolution. The exemption automatically expires after five years."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"Yes. The instrument narrows the default obligation in subsection 941B(1) by creating an exemption under s5(1) for authorised representatives in specific circumstances. The exemption only applies where all conditions in s5(2)(a)–(d) are met (authorization limited to dealing and claims-handling, product-type restriction, and licence-holder 'reasonable steps' obligations). The instrument is time-limited and will be repealed five years after commencement (s6). Authority for the instrument is recorded at s3 (made under s951B of the Corporations Act)."},"complexity_factors":["Narrow, conditional exemption tied directly to the Corporations Act requirement to give a Financial Services Guide (references s941B(1) via s5(1)).","Multiple cumulative eligibility conditions must all be satisfied (see s5(2)(a)–(d)), increasing compliance-check steps for licensees and reps.","Service and product scope is limited and technical: authorised to both 'deal in a financial product' and 'provide claims handling and settling' only, and product types restricted to general insurance or 'bundled consumer credit insurance' (s5(2)(a),(b),(c)).","Requires licensee to take 'reasonable steps' to ensure specific client communications (dispute resolution notice and written information on who the rep acts for and remuneration) — 'reasonable steps' is an imprecise standard that raises monitoring and evidentiary issues (s5(2)(d)).","Cross-instrument reference to ASIC Corporations (Basic Deposit and General Insurance Product Distribution) Instrument 2015/682 for the defined term 'bundled consumer credit insurance' creates interpretive dependency.","Time-limited repeal (five years) adds a sunset to compliance planning and may require future regulatory transition (s6).","Made under delegation from ASIC using section 951B of the Corporations Act (authority and scope anchored at s3), so interaction with statutory duties and other Act provisions may be relevant to risk assessment."],"plain_english_summary":"This instrument exempts authorised representatives from the Corporations Act rule to give a Financial Services Guide to retail clients when they only deal in a product and provide claims-handling services for general insurance or specified bundled consumer credit insurance for their licensee. The exemption applies only if the representative is authorised solely for those services and the licensee takes reasonable steps to ensure clients are told about the licensee’s dispute-resolution process and given written details of who the representative acts for and any remuneration. It expires after five years."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-financial-services-guides-instrument-2022-910","history":"/api/acts/asic-corporations-financial-services-guides-instrument-2022-910/history","analysis":"/api/acts/asic-corporations-financial-services-guides-instrument-2022-910/analysis","conflicts":"/api/acts/asic-corporations-financial-services-guides-instrument-2022-910/conflicts","importantCases":"/api/acts/asic-corporations-financial-services-guides-instrument-2022-910/important-cases","documents":"/api/acts/asic-corporations-financial-services-guides-instrument-2022-910/documents"}}