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. See a full list of ASIC’s regulatory resources.

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 - 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:
  • 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’ or limited advice (i.e. personal advice that is limited in scope).

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 Hearings practice manual
RG 36 Licensing: Financial product advice and dealing
RG 51 Applications for relief
RG 78 Breach reporting by AFS 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 Enforceable undertakings
RG 104 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 165 Licensing: Internal and external dispute resolution
RG 166 Licensing: Financial requirements
RG 175 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 remuneration
RG 255 Providing digital financial product advice to retail clients
RG 256 Client review and remediation conducted by advice licensees
RG 259 Risk management systems of responsible entities
RG 267 Oversight of the Australian Financial Complaints Authority
RG 271 Internal dispute resolution
RG 274 Product design and distribution obligations
Information sheets
INFO 28 About the 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 205 Advice on self-managed superannuation funds: Disclosure of risks
INFO 206 Advice on self-managed superannuation funds: Disclosure of costs
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 259 Complying with the notify, investigate and remediate obligations
INFO 260 FAQs: Timeframe for passing the financial adviser exam

INFO 262 FAQs: COVID-19 information for advice licensees and financial advisers

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
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 636 Compliance with the fee disclosure statement and renewal notice obligations
REP 639 Financial advice by superannuation funds
REP 642 Timeshare: Consumers’ experiences
ASIC’s report on Ending grandfathered conflicted remuneration (published by the Treasurer)
Consultation papers
CP 247 Client review and remediation programs and update to record-keeping requirements
CP 254 Regulating digital financial product advice
CP 284 Example Statement of Advice for life insurance: Update to RG 90
CP 329 Implementing the Royal Commission recommendations (Advice fee consents and independence disclosure)
CP 332 Promoting access to affordable advice for consumers
CP 333 Implementing the Royal Commission recommendations: Reference checking and information sharing
CP 335 Consumer remediation: Update to RG 256
CP 340 Breach reporting and related obligations

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Last updated: 09/06/2022 10:30