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FAQ

What should a compliance checklist for ongoing advice reporting and disclosure duties include?

An effective compliance checklist for advice businesses should align with Part 7.7A of the Corporations Act 2001 and ASIC’s Regulatory Guide 175: Licensing – Financial product advisers: Conduct and disclosure. It should include:

  • Best interests duty (s961B) and appropriate advice (s961G);
  • Ongoing fee arrangements and consents (INFO 256);
  • Record-keeping obligations (notional s912G (ASIC Instrument 2024/508 extends CO 14/923) and Code of Ethics Standard 8);
  • Client file review cycles (minimum annual for high-risk clients);
  • Training and CPD tracking;
  • Reportable situations regime. Notify ASIC within 30 calendar days of determining a reportable situation (see RG 78 and Div 3 of Pt 7.6));
  • Internal dispute resolution (IDR) tracking (RG 271);
  • Complaints and remediation logs.

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