Regulatory Alerts2012-12-13 | RG-244RG 244 Giving information, general advice and scaled advice
The Australian Securities and Investments Commission issued this guide for Australian financial services licensees, authorised representatives, and advice providers to clarify the distinctions between factual information, general advice, and personal advice. It explains how to comply with Ch 7 of the Corporations Act 2001, specifically addressing the best interests duty and related obligations when providing scaled advice. The guidance aims to facilitate retail clients' access to high-quality information and advice regarding all financial products.
Issued 13 December 2012
This guide is for Australian financial services (AFS) licensees, authorised representatives and advice providers who give information and advice to retail clients, and explains:
the differences between giving factual information, general advice and personal advice, and
how to meet the advice obligations in Ch 7 of the Corporations Act 2001 , including the best interests duty and related obligations, when giving ‘scaled’ advice (i.e. personal advice that is limited in scope).
Our guidance aims to facilitate access for retail clients to good quality information and advice about all financial products.
Download RG 244 (PDF 1.2 MB)