iExtend has obtained a Corporate Authorised Representative arrangement for the interim which enables it to continue engaging with the industry while waiting for its AFSL.
The company says securing the CAR arrangement is an important development in its journey “…as it demonstrates the business’s commitment to maintain adviser engagement and conversations which are key foundational pillars to the co-ownership offer.”
iExtend says a CAR enables it to act as an agent of an AFS licensee and means it is authorised to provide specific financial services outlined in its agreement with the licensee.
“These services may include financial advice, investment management, insurance broking or dealing in financial products.”
iExtend CEO David Sarkis, says the CAR established with Ingenious Brokers “…is the next step in iExtend’s proactive licensing journey.”
He says the company has been proactive in the market whether that be with advisers, insurers or regulators “…and this is no different in that we have sought out an arrangement that legitimately enables us to engage with the industry before we get our AFSL.” (See: ASIC Accepts iExtend EU).
The company says the AFSL “…will further strengthen its offer to provide more Australians with the opportunity to extend the life of their existing life insurance policy … and follows proactive and pre-emptive consultation by iExtend with ASIC prior to its launch in 2022.”
Sarkis says iExtend was pleased to accept the certainty provided by this licensing process and he is “…proud of the way the business proactively worked with ASIC over the past two years to understand how a new and innovative offer such as iExtend fits into such a regulated market.”
