ASIC has released a consultation paper proposing new guidance for people who give financial product advice to retail clients.
ASIC’s Consultation Paper 164 includes three examples of giving information and advice on non-superannuation topics and five examples of how to give factual information, general advice and personal advice on superannuation topics to clients in a way that complies with Section 945A of the Corporations Act 2001:
- car insurance
- purchasing shares
- investing an inheritance
- adopting a transition to retirement strategy
- superannuation pension products
- nominating a beneficiary for superannuation savings
- superannuation and Centrelink; and
- retirement planning issues.
CP 164 also describes the differences between factual information, general advice and personal advice.
Submissions to CP 164 close on Thursday, 8 September 2011.
