GBS Financial Services is the holder of an Australian Financial Services Licence (AFSL). Both GBS as licensee and GBS advisers, both employed advisers and authorised representatives of the licensee, must meet various obligations imposed under the AFSL, under various laws including the Corporations Act and regulations, as well as pursuant to various professional and industry body directives, codes and other guidance.

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The National Consumer Credit Protection Act (NCCPA)is a licensing regime for those operating in the consumer credit market, including lenders, mortgage brokers, aggregators, and in some instances, financial planners. Consumer credit includes loans provided for personal, domestic or household purposes. All persons who engage in credit activities must hold an Australian Credit Licence (ACL) or be a representative (either an employee representative or an authorised credit representative) of an ACL holder. GBS has an Australian Credit Licence (ACL) and has appointed its authorised representatives, including corporate representatives, as Credit Representatives (ACRs).

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Note: In this section of the manual we have used the term authorised representative as a general term to cover both authorised representatives under the GBS AFSL as well as authorised credit representatives under the GBS ACL.

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The Tax Agent Services Act (TASA) 2009 requires that financial advisers providing advice on tax matters (either incidental or otherwise to the subject matter of the advice) to be registered (or supervised by a registered individual) with the Tax Practitioners Board (TPB) from 1 July 2014 as tax (financial) advisers. Under their TPB registration, advisers must meet the personal and professional standard requirements for registered tax (financial) advisers in accordance with the TPB Code of Conduct. The obligations imposed by the Code of Conduct can be found in the Tax Agent Services Act 2009.