Released 9 August 2012. Comments closed 20 September 2012.
This consultation paper sets out ASIC’s proposed guidance for persons who provide personal financial product advice to retail clients, and explains:
- the processes to follow to act in the best interests of the client; and
- how to meet the other obligations in Div 2 of Pt 7.7A of the Corporations Act 2001 (Corporations Act).
In assessing whether these processes are effective, we will consider whether they are being applied and the outcome of following them.
This paper includes a draft new section of Regulatory Guide 175 Licensing: Financial product advisers—Conduct and disclosure (RG 175). We are seeking the views of Australian financial services (AFS) licensees, authorised representatives, advisers and consumers on our proposals.
Download the paper (PDF 505 KB) | Read the media release | Read the report on submissions
| Submission from | Date received | |
| 1 | Abacus |
4 October 2012
|
| 2 | Association of Financial Advisers |
20 September 2012
|
| 3 | Australian Bankers' Association Inc. |
8 October 2012
|
| 4 | Australian Financial Markets Association |
5 October 2012
|
| 5 | CPA Australia / Institute of Chartered Accountants Australia |
21 September 2012
|
| 6 | Financial Planners Association |
12 October 2012
|
| 7 | Financial Service Council |
4 October 2012
|
| 8 | Henry Davis York Lawyers |
26 September 2012
|
| 9 | Industry Super Network / Australian Institute of Super Trustees |
27 September 2012
|
| 10 | Johnson Winter & Slattery |
24 September 2012
|
| 11 | Lindgren, Hon Kevin, and Stone, Hon Margaret |
2 October 2012
|
| 12 | McCullough Robertson Lawyers |
8 October 2012
|
| 13 | My Longevity Pty Ltd |
19 September 2012
|
| 14 | Price Financial Intelligence Pty Ltd |
18 September 2012
|
| 15 | State Super Financial Services Australia |
20 September 2012
|
| 16 | Stockbrokers Association of Australia |
25 October 2012
|
| 17 | Suncorp Group |
27 September 2012
|
| 18 | Vanguard |
20 September 2012
|