Released 9 August 2012. Comments closed 20 September 2012.
This consultation paper sets out ASIC’s proposed guidance for Australian financial services (AFS) licensees, authorised representatives and advice providers who give information and advice to retail clients, and explains:
- the differences between giving factual information, general advice and personal advice; and
- how to meet the advice obligations in Ch 7 of the Corporations Act 2001, including the best interests duty and related obligations, when giving ‘scaled’ advice (i.e. personal advice that is limited in scope).
Our guidance aims to facilitate access for retail clients to good quality information and advice about all financial products. We are seeking the views of AFS licensees, authorised representatives, advice providers and consumers on our proposals.
Download the paper (PDF 869 KB) | Read the media release | Read the report on submissions
| Submission from | Date received | |
| 1 | Abacus |
4 October 2012
|
| 2 | Association of Financial Advisers |
26 September 2012
|
| 3 | Australian Bankers' Association |
8 October 2012
|
| 4 | Australian Financial Markets Association |
5 October 2012
|
| 5 | CPA Australia and ICAA |
21 September 2012
|
| 6 | Financial Services Council |
5 October 2012
|
| 7 | Henry Davis York Lawyers |
26 September 2012
|
| 8 | Industry Super Network / Australian Institute of Super Trustees |
27 September 2012
|
| 9 | Insurance Council of Australia |
25 September 2012
|
| 10 | McCullough Robertson Lawyers |
8 October 2012
|
| 11 | Stockbrokers Association of Australia |
25 October 2012
|