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.

 

 

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ASIC action against rogue financial services operators at five-year high

ASIC action against rogue financial services operators at five-year high

Enforcement action against rogue financial services operators is at a five-year high, with the latest numbers from the Australian Securities and Investments Commission revealing that 87 individuals and businesses were removed or restricted from providing financial services in the year to 30 June 2026.

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