ASIC updates conduct and disclosure obligations for advisers

The Australian Securities and Investments Commission (ASIC) has updated its conduct and disclosure obligations for financial advisers to reflect recent changes. This includes revisions to the Future of Financial Advice reforms (FoFA). 

Changes include: 

  • Technical amendments to the FOFA reforms since the last version was released
  • Clarification of financial advisers' record-keeping obligations when giving personal advice
  • Tax agent services regime applying to financial advisers who provide tax (financial) advice services
  • Relief available under ASIC's guidelines for the delivery of disclosures digitally and client notifications
  • Clarifications include that while the best interests duty and appropriate advice requirement of FoFA reforms are separate obligations, it is unlikely that advice that fails to meet the best interests duty will be appropriate
  • Guidance is provided on the use of restricted terms, particularly when commissions are said to be 'rebated in full', with considerations underway regarding 'independently owned'

View Regulatory Guide 175 Licensing: Financial product advisers ‑ conduct and disclosure (RG 175)