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 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.

Published:Tuesday, 14th Jan 2025
Author: Paige Estritori

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.

Share this news item:

Finance News

Clear

Australia and Japan Forge $6.5 Billion Frigate Agreement

23 Apr 2026: Paige Estritori

In a significant development for regional defense, Australia and Japan have formalized a $6.5 billion agreement to bolster naval capabilities through the acquisition of 11 Mogami-class frigates. This partnership underscores the deepening strategic ties between the two nations and reflects a shared commitment to regional security. - read more

Australian Commercial Marine Industry's $25 Billion Economic Contribution

23 Apr 2026: Paige Estritori

The Australian Commercial Marine Group (ACMG) has unveiled a landmark Economic Impact Statement (EIS), revealing that the commercial marine sector contributes a substantial $25.16 billion annually to the national economy and supports over 137,000 full-time equivalent jobs across the country. This comprehensive study underscores the sector's pivotal role in Australia's economic landscape. - read more

Club Marine Introduces Land-Based Insurance Coverage for Race Boats

23 Apr 2026: Paige Estritori

Club Marine, Australia's leading boat insurance provider, has expanded its services to include land-based insurance coverage for race boats. This initiative is the result of a new partnership with the Australian Offshore Powerboat Club (AOPC), aiming to address the specific needs of race boat owners. - read more

Yamaha's Innovative Wireless Controller Revolutionises Boat Handling

15 Apr 2026: Paige Estritori

Yamaha Australia has unveiled a groundbreaking wireless controller for outboard engines, marking a significant advancement in marine technology. This innovative device integrates seamlessly with Yamaha's Helm Master EX system, offering boaters enhanced control and flexibility. - read more

MA Financial's Strategic Expansion into Gold Coast Marina

15 Apr 2026: Paige Estritori

MA Financial Group, a prominent alternative asset manager, has recently expanded its marina portfolio by acquiring the Gold Coast City Marina & Shipyard. This strategic move underscores the company's commitment to enhancing Australia's marine infrastructure and catering to the growing demand for premium boating facilities. - read more

Marinas26 Conference Unveils 'Future Smart' Program

15 Apr 2026: Paige Estritori

The Marina Industries Association (MIA) has announced the program for Marinas26, its flagship biennial conference and trade exhibition, set to take place from 24-27 May 2026 at the RACV Royal Pines Resort on Queensland’s Gold Coast. Themed 'Future Smart,' the conference aims to explore transformative trends and technologies poised to redefine the marina and boatyard sectors across the Asia-Pacific region and beyond. - read more

Click for more Finance News