ASIC shows hand on best interest, scaled advice

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.

 

 

, , , , , ,

Leave a Comment

Licensees barred from new class of adviser under revived DBFO reforms

Licensees barred from new class of adviser under revived DBFO reforms

Only APRA-regulated super funds and insurers will be allowed to employ the new class of adviser in a policy backflip by the government. But other reforms announced by Minister for Financial Services Daniel Mulino on Wednesday will revamp the Compensation Scheme of Last Resort, crack down on lead generation services and improve access to safe and reliable financial advice.

Sort content by