ASIC expects AFS licensees to maintain client files that clearly evidence the advice process, including client objectives, relevant circumstances, the...
An advice file review assesses whether the client advice complies with regulatory obligations, including the best interest duty, and whether...
Addressing a non-compliant advice process generally involves identifying the root cause and reviewing the advice procedures. Corrective actions may include...
Under s766B(3) of the Corporations Act, personal advice is given where the adviser has considered one or more of the...
Informed consent for commission payments must be documented in a way that clearly evidences what was disclosed, when consent was...
Yes. A retail client can provide verbal informed consent for insurance commission payments, provided the AFS licensee or representative creates...
As an Australian Financial Services (AFS) licensee or representative, it is essential to ensure compliance with the informed consent requirements...
The informed consent does not apply to general advice. In fact, there are various circumstances where AFS licensees and representatives...
The informed consent requirement means an AFS licensee or representative must obtain a retail client’s informed consent before receiving certain...
ASIC does not formally define or require a “Foundation Statement of Advice.” However, an AFS licensee must issue an SOA...