FOFA - ASIC guidance

ASIC regulates people who provide advice to retail clients under the Corporations Act. We have released regulatory guidance in relation to the FOFA reforms.

ASIC will amend existing regulatory guidance and ASIC relief to reflect changes to the FOFA reforms where necessary.

 

ASIC powers

Regulatory Guide 98 Licensing; Administrative action against financial services providers (RG 98) reflects our expanded powers to cancel or suspend an AFS licence and ban representatives.

Best interests duty

Regulatory Guide 175 Licensing: Financial product advisers – conduct and disclosure (RG 175) includes guidance about ASIC's expectations for meeting the best interests duty, and to ensure that it is consistent with our guidance in Regulatory Guide 244 Giving information, general advice and scaled advice (RG 244).

Giving information, general advice and scaled advice

Regulatory Guide 244 Giving information, general advice and scaled advice (RG 244) explains the differences between giving factual information, general advice and personal advice and how to meet the best interests duty and related obligations, when giving ‘scaled’ advice.

Our guidance discusses a range of topics, including how the fact find can be either limited or expanded, depending on the nature of the advice being provided. RG 244 also incorporates guidance that was previously in Regulatory Guide 200 Advice for super fund members (RG 200). RG 200 has now been withdrawn

Conflicted remuneration

Regulatory Guide 246 Conflicted remuneration (RG 246) is designed to assist industry to understand the practical operation of the ban on conflicted remuneration. It also sets out how ASIC will administer the ban.

Codes approval

Regulatory Guide 183 Approval of financial services sector codes of conduct (RG 183) has been updated to include guidance about how ASIC will apply its existing code approval guidelines to codes that obviate the need for compliance with the opt-in requirement.

Fee disclosure

Regulatory Guide 245 Fee disclosure statements (RG 245) outlines the fee disclosure statement (FDS) obligations that apply to AFS licensees and their representatives under the FOFA reforms.

Limited AFS licences

ASIC has provided guidance on the limited AFS licensing regime on our webpage Limited financial services. This webpage provides an overview of the relevant steps in applying for a limited AFS licence, as well as explaining how existing ASIC guidance will apply.  It incorporates guidance that was previously in Information Sheet 179 Applying for a limited AFS licence (INFO 179), where still relevant. INFO 179 has now been withdrawn.

ASIC has also released Information Sheet 216 AFS licensing requirements for accountants who provide SMSF services (INFO 216). This information sheet provides guidance on how the licensing regime applies to SMSF services provided by accountants and which services can be provided without a licence.

What's new

ASIC updates guidance as crowd-sourced funding regime extends to proprietary companies

ASIC has released updated regulatory guides to coincide with the extension of the crowd-sourced funding (CSF) framework to eligible proprietary companies. This starts on 19 October 2018. 18-314MR. 18 October

Guidance on code of ethics compliance schemes for financial advisers

ASIC has released guidance on its proposed approach to approving and overseeing compliance schemes for financial advisers. 18-290MR. 28 September

ASIC review finds unacceptable delays by financial institutions in reporting, addressing and remediating significant breaches

ASIC has identified serious, unacceptable delays in the time taken to identify, report and correct significant breaches of the law among Australia's most important financial institutions.  18-284MR. 25 September.

Financial firms must join AFCA now

ASIC warns all Australian financial services licensees, Australian credit licensees, authorised credit representatives and superannuation trustees that they must join the Australian Financial Complaints Authority (AFCA) now if they have not already done so. 18-275MR. 20 September

More financial services releases

ASIC industry funding

Last updated: 20/10/2014 12:00