Connect with us

Hi, what are you looking for?

Loan And Finance

ASIC releases information sheet on limited advice – Life Insurance – Insurance News

inca social logo

ASIC releases information sheet on limited advice

6 December 2021

The Australian Securities and Investments Commission (ASIC) has released an information sheet on limited advice, after a targeted consultation with the industry.

INFO 267, Tips for giving limited advice, provides pointers and summarises the relevant guidance from Regulatory Guide 175 Licensing: Financial product advisers – Conduct and disclosure, and Regulatory Guide 244: Giving information, general advice and scaled advice.

It also contains information on what advice providers can do to meet their obligations under the law, including the best interests duty and related obligations as well as the Financial Adviser Standards and Ethics Authority (FASEA) Financial Planners and Advisers Code of Ethics when giving limited advice.

“ASIC recognises that many consumers prefer to seek limited and specific advice rather than comprehensive advice,” Commissioner Danielle Press said.

“We also understand that industry faces some barriers to providing limited advice, including a lack of clarity about the regulatory requirements.

Advertisement. Scroll to continue reading.

“We expect this guidance will provide regulatory certainty to industry and help reduce compliance costs.

“It will assist financial advisers in their efforts to make these forms of advice more available to consumers and assist them in delivering quality advice in a timely, affordable, and compliant manner.”

ASIC has also provided an example statement of advice (SOA) to help advisers understand the relevant requirements under the Corporations Act 2001.

Click here for INFO 267 and here for the SOA example.


Source link

Advertisement. Scroll to continue reading.
Click to comment

Leave a Reply


Top Stories

To the chagrin of many Golden Visa seekers, Portuguese Finance Minister Fernando Medina has confirmed that his country will begin taxing cryptocurrency but has...

Top Stories

As the market continues to mourn over losses on the Terra (LUNA) UST and LUNA debacle, DEI, a stablecoin used as a collateral mechanism...


What you need to know Pokémon HOME is a trading and storage service offered on Nintendo Switch and phones. Laste week we learned that...

Top Stories

Winston Churchill’s statement to “never let a crisis go to waste” can be applied across many aspects of society, including the recent carnage seen...

Top Stories

Bitcoin (BTC) bounced 19% from the $25,400 low on May 12, but has investor confidence in the market been restored? Judging by the ascending...


Apple is expanding one of its child safety features to four more countries with its latest software update. Earlier today, the company released iOS...


You May Also Like


Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...