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