ASIC Unveils Updated Guidance to Strengthen Financial Advice Standards
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 Australian Securities and Investments Commission (ASIC) has rolled out a fresh set of guidelines aimed at enhancing the quality of financial advice in the wake of significant legislative reforms.
This move aligns with the recently enacted Treasury Laws Amendments (Delivering Better Financial Outcomes and Other Measures) Act 2024, which is designed to foster better financial outcomes for consumers.
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.
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.
Australia’s New Vehicle Efficiency Standard is now a key factor for anyone planning to buy a new car, ute or SUV. The policy is designed to push the local market towards lower-emission vehicles by setting annual efficiency targets for manufacturers and importers. While the rules apply to suppliers rather than individual motorists, the flow-on effects may still be felt at the dealership and in loan decisions. - read more
Australian car buyers have been given a fresh reminder this month that a low advertised interest rate is only one part of the finance decision. Canstar’s July 2026 car loan comparison update shows secured car loan offers starting from 5.67% for a $50,000 loan over five years, with MoneyPlace and Stratton Finance both appearing at that headline rate in the snapshot. - read more
Australian car buyers have a fresh reminder this week that the lowest advertised rate is not always the same as the cheapest loan. Canstar's latest July 2026 car loan comparison update shows secured car loan offers starting from 5.67% for a $50,000 loan over five years, with MoneyPlace and Stratton Finance both appearing at that headline rate in the snapshot. However, their comparison rates differ, underlining why the total loan cost needs closer attention. - read more
A new Australian Finance Industry Association report, released on 5 June 2026, highlights how important non-bank lenders have become in the vehicle finance market. According to the report, motor finance non-bank lenders helped 507,000 consumer and commercial customers buy vehicles in 2025, providing $24.4 billion in loans. By the end of that year, their active loan books were worth $53 billion. - read more
In May 2026, electric vehicles (EVs) achieved a significant milestone in Australia, accounting for 20% of all new car sales. This development indicates a substantial shift in consumer preferences towards more sustainable transportation options. - read more
The Australian Securities and Investments Commission (ASIC) has conducted a comprehensive review of the motor vehicle finance sector, uncovering significant concerns regarding lending practices. This examination has highlighted issues such as exorbitant establishment fees and a troubling rate of early loan defaults, raising questions about the adequacy of current lending standards. - read more
In a remarkable development, electric vehicle (EV) financing in Australia has experienced a 48% year-on-year increase, even as the overall motor finance market saw a 3% decline. This data, released by the Australian Finance Industry Association (AFIA), underscores a significant shift in consumer preferences towards sustainable transportation options. - read more
If you are planning to finance a car, your credit history can influence how lenders assess your application, what terms may be offered and how much you may be able to borrow. - read more
Welcome to your essential guide for Australian first-time car buyers! Whether you're dreaming of your first sleek, new vehicle or a reliable pre-owned car, buying a car for the first time is a big milestone and an exciting experience. - read more
Welcome to your comprehensive guide on navigating the Australian car loan landscape as a temporary resident. Whether you're here for work, study, or leisure, having your own vehicle can vastly improve your time in Australia. However, securing a loan for a car might seem like a formidable task given your temporary status. That's where this article steps in—to enlighten and empower you in this financial journey. - read more
The cost of buying a car is a major financial commitment, so it's important to consider all of your options before making a purchase. In this article, we look at some of the pros and cons of the most common car financing options, including leasing, hire purchase and paying cash, and what difference it makes whether you are buying a new or used vehicle. - read more
If you're in the market for a new car, you're probably wondering what you need to do to get the best car loan. It's no secret that the car dealership will try to sell you a loan, but you don't have to take their offer! In fact, you can get a much better loan if you know what you're doing. - read more
Personal and commercial car loans can look similar, but they are assessed and structured differently. This guide explains how loan purpose, vehicle use, documentation, tax considerations and borrower obligations may differ in Australia. - read more
When it comes to car loans, one of the first things you need to determine is your budget – how much can you afford to borrow and still comfortably make your monthly car loan repayments? - read more
Knowledgebase
Debt Consolidation: A means empoyed to renegotiate debt. By combining loans and outstanding bills, a person can consolidate debt with a single financial institution resulting in a single monthly repayment.
No comments yet. Be the first to share your thoughts.