ASIC shows hand on best interest, scaled advice

9 August 2012 17:14

The Australian Securities and Investments Commission has released consultation papers containing proposed guidance for two aspects of the Future of Financial Advice (FoFA) reforms – scaled advice and the best interests duty.

“FoFA contains significant reforms intended to bring about real changes in the way financial advice is provided,” said ASIC Chairman Greg Medcraft.

“These measures aim to improve the standard of adviser conduct and improve engagement by retail clients with advisers and advice.”

For ASIC’s proposed guidance on the best interests duty (CP 182), click here.

For ASIC’s proposed guidance on scaled advice (CP 183), click here.

advice, asic, best interest, guidance, interest, regulator, scaled advice

YFYS performance test has done its dash

Technology

When AI decides who’s credible, invisibility becomes the bigger risk

Opinion

Financial Accountability Regime yet to bare its teeth in superannuation

Regulation

Four candidates for YFYS expansion – and why we’re not convinced

Regulation

YFYS performance test has done its dash

The Coalition’s Your Future Your Super reforms, especially the contentious performance test, deserve credit for weeding out poor-performing funds and helping instil a more cost-conscious culture in super. But the test has largely accomplished its mission and its continuation undermines the system’s global competitiveness.

Colin Tate AM

July 17, 2026