ASIC Unveils Updated Guidance to Strengthen Financial Advice Standards
ASIC Unveils Updated Guidance to Strengthen Financial Advice Standards
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
The Australian Securities and Investments Commission (ASIC) has rolled out a fresh set of guidelines aimed at enhancing the quality of financial advice in the wake of significant legislative reforms.
This move aligns with the recently enacted Treasury Laws Amendments (Delivering Better Financial Outcomes and Other Measures) Act 2024, which is designed to foster better financial outcomes for consumers.
The new guidance comprises several key information sheets tailored specifically for financial advisers. These sheets provide essential clarifications on various aspects of client interactions and consent requirements, crucial for maintaining regulatory compliance.
Information Sheet 286 FAQs: Ongoing fee arrangements and consents (INFO 286) - This document offers answers to common questions surrounding the necessity for written consent from clients prior to entering or renewing ongoing fee arrangements.
Information Sheet 287 FAQs: Non-ongoing fee requests or consents (INFO 287) - Focused on non-ongoing fees, this resource elaborates on the need for clients' written permission when charging such fees against their superannuation accounts.
Information Sheet 291 FAQs: FSGs and website disclosure information (INFO 291) - This sheet clarifies obligations concerning Financial Services Guides (FSGs) and the requisite disclosures on websites.
Information Sheet 292 FAQs: Informed consents for insurance commissions (INFO 292) - It outlines the requirements to obtain informed consent to avoid potential conflicts of interest related to certain insurance commissions.
This initiative comes at a time when there is a growing demand for transparency and accountability within the financial services sector. ASIC’s proactive approach in providing these updates reflects its commitment to ensuring that financial advisers are equipped with the knowledge necessary to navigate the complexities of client consent effectively.
Looking ahead, ASIC has indicated that additional guidance will follow once the second phase of the Government’s Delivering Better Financial Outcomes package is legislated. This continuous enhancement in regulatory guidance signifies ASIC’s ongoing efforts to adapt to the evolving financial landscape and consumer needs.
As firms begin to integrate these updates into their practices, industry stakeholders are urged to closely evaluate their current processes for client consent to ensure full compliance with the new requirements. The clarity provided by these information sheets is expected to assist advisers in better servicing their clients while upholding the integrity of the financial advisory profession.
For financial professionals looking to deepen their understanding of these updates, ASIC encourages ongoing education and training. Subscribing to relevant newsletters and exploring video courses can provide valuable insights and ensure advisers stay ahead in this dynamic field.
These updates convey a clear message: a commitment to empowering consumers with better financial advice and outcomes is central to the future of the industry. As stated by David Jacobson, Principal at Bright Corporate Law, maintaining adherence to these updated standards is crucial for fostering trust in financial advice.
For more detailed information, visit the ASIC website or consult specific guidelines outlined in the published sheets. Staying informed and proactive will be essential for financial advisers seeking to thrive in a post-reform environment.
Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.
On 23 March 2026, the Council of Financial Regulators (CFR) convened for its regular quarterly meeting to discuss the stability of Australia's financial system amid escalating global geopolitical tensions. The CFR, comprising the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), the Australian Treasury, and the Reserve Bank of Australia (RBA), serves as the primary coordinating body for the nation's financial regulators. - read more
February 2026 witnessed a significant shift in Australia's automotive import landscape, with China surpassing Japan as the largest source of new vehicles. This marks the first time in 28 years that Japan has been dethroned from the top spot. - read more
As fuel prices in Australia continue to climb, reaching up to $2.50 per litre for unleaded petrol and surpassing $3 per litre for diesel, a growing number of consumers are turning to electric vehicles (EVs) as a cost-effective alternative. - read more
The landscape of car purchasing in Australia is undergoing a significant transformation, driven by the rapid adoption of digital finance solutions. Traditional methods of securing car loans are being replaced by streamlined online processes, offering consumers faster approvals and enhanced convenience. - read more
As we progress through 2026, prospective car buyers in Australia are keenly observing the trends in car loan interest rates to make informed financing decisions. Several factors are poised to influence these rates, and understanding them can aid consumers in navigating the lending landscape effectively. - read more
Getting the right truck loan can be essential for business owners who rely on commercial vehicles. These loans cover a variety of commercial vehicle types and are crucial for ensuring your business operations run smoothly. Truck loans, specifically, provide the necessary finances to purchase trucks, which are indispensable in industries like logistics and delivery services across Australia. - read more
For many Australian businesses, purchasing a commercial vehicle is a significant investment that often requires financial assistance. Understanding the intricacies of truck financing is crucial, as the right loan can affect your company's bottom line and operational efficiency. With a plethora of lenders offering myriad loan products, choosing the most advantageous deal can be daunting. - read more
Stepping into the realm of commercial truck financing can be a highway riddled with complex terms and conditions. Understanding commercial truck loans is not only about getting the keys to a new vehicle; it's a crucial investment in your business's future. As a borrower, you need to navigate through the fine print to find a loan that fits like a glove. - read more
If you're running a business in Australia, choosing the right commercial vehicle loan can be pivotal to your success. Whether you're a small business owner needing a delivery van or a large company expanding your fleet, understanding your financing options is crucial. - read more
Trucks play a pivotal role in the Australian logistics and transport industry, serving as the lifeblood that keeps commerce flowing. The dependable rumble of engines crisscrossing the nation's highways is more than just a symbol of industry; it's a critical component of productivity and economic stability. Without these workhorses facilitating the timely movement of goods, the Australian market would face significant challenges meeting the demands of both businesses and consumers alike. - read more
Start Here
Get a free truck loan eligibility assessment and compare truck finance and leasing options
without accessing your credit file!!
Knowledgebase
Credit Score: A numerical expression based on a level analysis of a person's credit files, representing the creditworthiness of an individual.
