ASIC RG 175: Licensing: Fin. Advisers - Conduct & Disclosure
This guide is for persons who provide financial product advice to retail clients, and their professional advisers (such as lawyers). It considers how certain conduct and disclosure obligations in Pt 7.7 and Div 2 of Pt 7.7A of the Corporations Act 2001 apply to the provision of financial product advice. Under Pt 7.7 of the Corporations Act, providing entities that provide financial product advice to retail clients must:
- prepare and provide a Financial Services Guide (FSG);
- give a general advice warning when giving general advice; and
- prepare and provide a Statement of Advice (SOA) when giving personal advice.
Under Div 2 of Pt 7.7A, advice providers providing personal advice to retail clients must comply with the ‘best interests duty’ and related obligations, which were introduced as part of the Government’s Future of Financial Advice (FOFA) reform package to improve the quality of financial advice received by retail clients
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