Understanding third party authority for FSPs and FSCs

A financial services professional (FSP) is an adviser that has registered with Macquarie to use and distribute certain Macquarie products but works for a Financial Services Company (FSC). 

The FSP is a representative or authorised representative of an FSC. Representatives work underneath the FSC’s licence and are not individually licenced. Authorised representatives work for themselves, hold a FSC’s licence and are registered with the Australian Securities and Investment Commission (ASIC).

An FSP can have view access to their client's account details (BSB, account number and account name), account balance and transaction history.

If you opened a Macquarie Cash Management Account (CMA) or Wrap IDPS account for your client, then the FSP and any support staff with access to your adviser code would also be able to:

• create transactions for clients to authorise using Adviser Initiated Payments
• initiate a Macquarie Cash Management Accelerator (Accelerator) short-form online application via Adviser Online portal.

To have these authorities, the FSP and support staff must be registered with Macquarie. For further information on how to register, see Accessing or navigating in Adviser Online.

Please refer to our terms and conditions for further information on authorisations.

A Financial Services Company (FSC) is a financial group or dealer to which individuals belong. This includes financial advisory firms, stockbrokers, accounting firms or SMSF Administrators that have access to view and/or transact on client’s account/s.

To gain third party access to your client's account, the FSC must be registered with Macquarie. For further information on how to register, see Registering your dealer group, adviser or support staff with Macquarie.

The levels of authority available depend on what type of third party your client appoints. Please refer to our terms and conditions for further information and authorisations.

• View Authority*
• General Withdrawal Authority **
• Tax Payment Authority
• Financial Services Debit Authority
• Accelerator Account Transfer Authority
• Term Deposit Authority

These authorities allow FSPs with the appropriate level of authority within the appointed FSC to have view and/or transact authority. To obtain general withdrawal, tax payment and/or financial services debit authority on your client’s account, your FSC must be registered for bulk transacting.  

* View Authority appointed on a Macquarie CMA or Vision Cash Account will automatically be replicated on the linked Accelerator account or Vision Savings Account.

** General Withdrawal Authority is only available to select firms that meet specific eligibility criteria.

For more information on how to complete the CMA Third Party Authority forms, please read Guide to completing CMA Third Party Authority forms in our Personal Help Centre.

An FSP/FSC can be set up with view only authority on a Wrap Super or Pension account. Please note, this authority will be different to that of your authority as the servicing adviser managing the account in Adviser Online. This is known as ’Wrap Third party online access’. Wrap Third party online access provides companies such as SMSF administrators, accountancy practices, mortgage brokers and legal practices access to view their client’s Wrap account and transaction information online.

Wrap third party online access doesn’t allow the third party to make withdrawals, changes to account details or submit a closure request.  To set this up, the third party will firstly need to register using the Macquarie Wrap Third party registration form. Once registration is complete, we will require section 3 of the Financial Services Company or Professional third party authority form to be completed with the company and representative codes left blank. For bulk transacting on an IDPS account, please see below.

Depending on whether you are applying a FSP or FSC to the account, your client will need to complete either section 2 or 3 of the third party authority form Financial Services Company or Professional third party authority form.  To be the primary servicing adviser, please list the existing adviser you are wishing to remove in section 4 of this form. If this section is left blank, we will automatically apply this authority as an additional authority. You can upload the completed form via Request Centre in Adviser Online.

Please note, if you are looking to obtain general withdrawal, tax payment and/or financial services debit authority on your client’s Wrap IDPS account, you will also need to complete this form.