ASIC has issued ASIC Corporations (Generic Calculators) Instrument 2026/41 to give relief to providers of generic financial calculators from the requirement to hold an Australian financial services licence with an advice authorisation.

Alternatively, where they hold a licence, relief is given from the conduct and disclosure requirements in Divisions 2, 3 and 4 of Part 7.7 of the Corporations Act.

Provided they satisfy specific conditions, generic financial calculators can be used to make a general numerical calculation about a financial product (that is not a superannuation product).

A person who relies on the exemption must take reasonable steps to ensure the conditions are met including:

• the financial calculator does not advertise or promote a specific financial product;
• if the financial calculator is an electronic facility or device, the financial calculator enables the user to change any of the assumptions (the default assumptions) other than a statutory assumption, and the financial calculator does not prevent the user from readily printing or electronically storing the estimate;
• the financial calculator displays to the user in the ordinary course of its use or has printed on it a clear and prominent statement about the purpose and limitations of the calculator, a clear and prominent explanation of the impact of any significant limitation of the calculator, and a clear and prominent statement of the assumptions;
• where the estimate is of an amount payable at a future time of 2 or more years, a clear and prominent statement setting out the present value of the estimate;
• a clear and prominent statement to the effect that the financial calculator is not intended to be relied on for the purposes of making a decision in relation to a financial product and that they should consider obtaining advice from a financial services licensee before making any financial decisions;

The business must keep a copy of the financial calculator for 7 years from when it is first made available.

ASIC has announced that it will be making minor amendments to RG 276: Superannuation forecasts: Calculators and retirement estimates.

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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.