ASIC guidance
ASIC has published a range of useful guidance in relation to financial advice. The table below lists the resources that are most commonly used by financial advisers and Australian financial services (AFS) licensees.
Commonly accessed regulatory guides
| Regulatory guide | Summary |
|---|---|
|
Regulatory Guide 36 - Licensing: Financial product advice and dealing (RG 36) |
This guide is for persons who provide financial product advice or deal in a financial product and their professional advisers (such as lawyers). It gives guidance on the meaning of ‘provide financial product advice’ and the meaning of ‘deal in a financial product’. It also provides guidance on the obligations that apply to providers of financial services. |
|
Regulatory Guide 175 - AFS Licensing: Financial product advisers—Conduct and disclosure (RG 175) |
This guide is for persons who provide financial product advice to retail clients, and their professional advisers (such as lawyers). It considers how certain conduct and disclosure obligations in Pt 7.7 and Div 2 of Pt 7.7A of the Corporations Act 2001 apply to the provision of financial product advice. |
|
Regulatory Guide 244 - Giving information, general advice and scaled advice (RG 244) |
This guide is for AFS licensees, authorised representatives and advice providers who give information and advice to retail clients, and explains:
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|
Regulatory Guide 256 - Client review and remediation conducted by advice licensees (RG 256) |
This guide sets out our guidance on review and remediation conducted by AFS licensees who provide personal advice to retail clients. The guidance should also be applied to review and remediation that is not related to personal advice to the extent relevant. |
Further ASIC guidance on financial advice
We provide guidance and information on financial advice through different types of publications.
Regulatory guides give guidance to regulated entities by:
- explaining when and how ASIC will exercise specific powers under legislation (primarily the Corporations Act)
- explaining how ASIC interprets the law
- describing the principles underlying ASIC’s approach
- giving practical guidance (for example, describing the steps of a process such as applying for a licence or giving practical examples of how regulated entities may decide to meet their obligations).
Information sheets provide concise guidance on a specific process or compliance issue or an overview of detailed guidance.
Reports describe ASIC compliance or relief activity or the results of a research project.
Consultation papers seek feedback from stakeholders on matters ASIC is considering, such as proposed relief or proposed regulatory guidance.
| Regulatory guides |
|---|
| RG 8 Administrative hearings: Principles and conduct |
| RG 36 Licensing: Financial product advice and dealing |
| RG 51 Applications for relief |
| RG 78 Breach reporting by AFS licensees and credit licensees |
| RG 90 Example Statement of Advice: Scaled advice for a new client |
| RG 97 Disclosing fees and costs in PDSs and periodic statements |
| RG 98 ASIC’s powers to suspend, cancel and vary AFS licences and make banning orders |
| RG 100 Court enforceable undertakings |
| RG 104 AFS licensing: Meeting the general obligations |
| RG 105 Licensing: Organisational competence |
| RG 126 Compensation and insurance arrangements for AFS licensees |
| RG 146 Licensing: Training of financial product advisers |
| RG 162 Internet discussion sites |
| RG 166 AFS licensing: Financial requirements |
| RG 175 AFS licensing: Financial product advisers—Conduct and disclosure |
| RG 179 Managed discretionary accounts |
| RG 181 Licensing: Managing conflicts of interest |
| RG 182 Dollar disclosure |
| RG 221 Facilitating digital financial services disclosures |
| RG 234 Advertising financial products and services (including credit): Good practice guidance |
| RG 244 Giving information, general advice and scaled advice |
| RG 246 Conflicted and other banned remuneration |
| RG 255 Providing digital financial product advice to retail clients |
| RG 256 Client review and remediation conducted by advice licensees |
| RG 263 Financial Services and Credit Panel |
| RG 267 Oversight of the Australian Financial Complaints Authority |
| RG 271 Internal dispute resolution |
| RG 274 Product design and distribution obligations |
| RG 277 Consumer remediation |
| Information sheets |
|---|
| INFO 28 About the court enforceable undertakings register |
| INFO 31 Lodgement of financial reports |
| INFO 88 Notifying ASIC of the appointment of an AFS authorised representative |
| INFO 91 Who can be an authorised representative of an AFS licensee |
| INFO 151 ASIC’s approach to enforcement |
| INFO 152 Public comment on ASIC’s regulatory activities |
| INFO 168 Giving and collectively charging for intra-fund advice |
| INFO 182 Super switching advice - complying with your obligations |
| INFO 202 Disputes about the financial advisers register |
| INFO 227 What can limited AFS licensees do? |
| INFO 228 Limited AFS licensees: Advice conduct and disclosure obligations |
| INFO 229 Limited AFS licensees: Complying with your licensing obligations |
| INFO 232 Fees for no service: Remediation |
| INFO 250 Giving AFS and credit licensees information about their representatives |
| INFO 256 FAQs: Ongoing fee arrangements |
| INFO 257 ASIC reference checking and information sharing protocol |
| INFO 260 FAQs: Timeframe for passing the financial adviser exam |
| INFO 264 Design and distribution obligations for advice licensees and financial advisers |
| INFO 266 FAQs: Records of Advice (ROAs) |
| INFO 267 Tips for giving limited advice |
| INFO 268 FAQs: Regulation and registration of relevant providers who provide tax (financial) advice services |
| INFO 270 Warnings and reprimands |
| INFO 273 FSCP decisions: Your rights |
| INFO 274 Tips for giving self-managed superannuation fund advice |
| INFO 276 FAQs: Registration of relevant providers |
| INFO 277 Registration of relevant providers: Guidance on making declarations |
| Reports |
| REP 337 SMSFs: Improving the quality of advice given to investors |
| REP 413 Review of retail life insurance advice |
| REP 499 Financial advice: Fees for no service |
| REP 515 Financial advice: Review of how large institutions oversee their advisers |
| REP 562 Financial advice: Vertically integrated institutions and conflicts of interest |
| REP 575 SMSFs: Improving the quality of advice and member experiences |
| REP 614 Financial advice: Mind the gap |
| REP 627 Financial advice: What consumers really think |
| REP 632 Disclosure: Why it shouldn’t be the default |
| REP 636 Compliance with the fee disclosure statement and renewal notice obligations |
| REP 639 Financial advice by superannuation funds |
| REP 642 Timeshare: Consumers’ experiences |
| REP 779 Superannuation and choice products: what focus is there on performance? |
| ASIC’s report on Ending grandfathered conflicted remuneration (published by the Treasurer) |
