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.
