ASIC has published an information sheet (INFO 264) for Australian financial services (AFS) licensees who are advice licensees and for financial advisers.
It explains how the design and distribution obligations for issuers and distributors of financial products in Part 7.8A of the Corporations Act 2001 apply to advice licensees and financial advisers when providing personal advice.
Separately the Treasurer has announced a temporary reduction of the cost recovery levies charged to financial advisers by the Australian Securities and Investments Commission (ASIC).
ASIC levies charged for personal advice to retail clients will be reduced to their 2018-19 level of $1,142 per adviser for the next two years (relating to 2020-21 and 2021-22). The flat per licensee charge will remain at $1,500.
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Author: David Jacobson
Principal, Bright Corporate Law
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.