General Advice: It’s Getting Personal

Under the Corporations Act 2001, financial product advice is classified as either “general advice” and “personal advice”.1  Personal advice is financial product advice that is given or directed to a person (including by electronic means) in circumstances where: The provider of the advice has considered one or more of the person’s objectives, financial situation and[…]

Compliance in a Post-FOFA World (Part 2): The Importance of Using File Notes

As with the Fact Find document covered in Part 1 of this blog series, limited regulatory and legislative guidance is available regarding the use of file notes during the advice process.  Every organisation should put in place a good document/file notes creation and retention policy and ensure that all representatives are properly trained. What is[…]

Industry Funding Model for ASIC

The Government has confirmed that it will introduce an industry funding (user pays) model for ASIC through a cost recovery levy, commencing 1 July 2017. What does this mean for licence holders? That there will be increased costs is definite, unless one decides to give up one’s licence. Many AFS Licensees hold authorisations on their[…]


There is no definition of a responsible manager in the Corporations Act. It is a term developed by ASIC. In ASIC Regulatory Guide 105 the term responsible manager is used to label the person nominated by a licence applicant for the purposes of meeting ASIC’s competencies for licensing. As noted in the Regulatory Guide the[…]

Demystifying appointing a Financial Adviser or an Authorised Representative

In 2015, the amendments to the Corporations Act brought in the concept of a Financial Adviser. This means having to make additional notifications to ASIC in relation to the new Financial Adviser Register. Licensees have been required to notify ASIC and its predecessors of the appointment of their Authorised Representatives for over 20 years but[…]

Compliance in a Post-FOFA World (Part 1): Traps for Financial Advisers to Avoid

Since the implementation of the Future of Financial Advice (“FOFA”) reforms in July 2013, many practices continue to grapple with the associated implications on their business. The first part in this blog series addresses one of the early stages of the client / adviser relationship: the fact finding process. Part 1: The Critical Importance of[…]