ASIC to answer APL questions

ASIC peter kell AFA financial planning FOFA government and regulation financial advice australian securities and investments commission

30 October 2012
| By Staff |
image
image
expand image

The financial services regulator is planning to provide more information about recommending products outside of a licensee's approved product list (APL), among other updates.

The Australian Securities and Investments Commission (ASIC) Commissioner Peter Kell said he hoped the new update would answer questions about running financial advice which might look beyond an APL, with two specific circumstances in mind.

"Firstly, what to do if a client's existing product is not on the APL - which is something we will have to look at more broadly - and secondly, what to do if the APL has been restricted to one class of product and there are products that are not in that class but would better meet a client's needs," Kell said.

"So we'll provide further information on that."

ASIC has also announced the release of final guides on scaled advice by the end of this year, while further guidance on conflicted remuneration is scheduled to come out by February 2013.

Commissioner Kell added the regulator had received questions about the operation, timing and strategy of the fee disclosure requirement, particularly as they apply to the pre-Future of Financial Advice (FOFA) compliance period.

"So in addition to the consultation papers, we are now planning to issue an information document on fee disclosure statements on our FOFA web page fairly shortly," Kell said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

2 days 18 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 week ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 5 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 6 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

5 days 23 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

5 days 2 hours ago