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 RG 200 has now been withdrawn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 reports on credit rating agencies

ASIC has conducted a market-wide surveillance of credit rating agencies and made a number of recommendations for change. 18-042MR. 15 February

ASIC welcomes establishment of the Australian Financial Complaints Authority

ASIC welcomes the passage through Parliament of the Bill to establish the Australian Financial Complaints Authority (AFCA). 18-041MR. 14 February

New professional standards for financial advisers

ASIC has created a new section on its website to help financial advisers navigate the incoming professional standards requirements. 18-037MR, 13 February

More financial services releases

Podcast

Crowd-sourced funding

19 July 2017

ASIC Commissioner John Price joins the podcast to discuss recent law reform around crowd-sourced funding and ASIC's role in administering the new legislation.

Listen to the podcast 

 

Last updated: 20/10/2014 12:00