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December 20, 2012

Updated FOFA guidance

ASIC has released final guidance for two aspects of the Future of Financial Advice (FOFA) reforms – the best interests duty and scaled advice.

ASIC’s final guidance on the best interests duty is in an update to Regulatory Guide 175 Licensing: Financial product advisers – conduct and disclosure (RG 175) and covers:

  • acting in the best interests of the client
  • satisfying the ‘safe harbour’ for the best interests duty
  • providing appropriate personal advice, and
  • prioritising the interests of the client.

The scaled advice guidance is in Regulatory Guide 244 Giving information, general advice and scaled advice (RG 244).

ASIC has provided examples about giving scaled advice while complying with the best interests duty.

It includes worked examples of scaled advice by banks, general insurers, superannuation funds, financial planners, and stockbrokers.

ASIC will release final guidance on conflicted remuneration and employee remuneration in February 2013.

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Posted 20th December 2012 by David Jacobson in Corporations Act, Financial Services, Future of Financial Advice Reforms