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

The regulatory guides have been produced after consultation with industry and other stakeholders.

Best interests duty

“Consumers expect financial advisers to act in their best interests when giving them personal advice,” said ASIC Commissioner Peter Kell.

To read an update to Regulatory Guide 175 Licensing: Financial product advisers – conduct and disclosure (RG 175), click here.

Scaled advice

“A key objective of FoFA is increasing access to good quality scaled advice,” said Kell. “Many consumers want specific advice on a single issue or a limited number of issues, not a comprehensive financial plan.”

The guidance is in Regulatory Guide 244 Giving information, general advice and scaled advice (RG 244). To read it, click here.