ASIC Corporations (Financial Counselling Agencies) Instrument 2017/792 which relieves a financial counselling agency from complying with the licensing requirement in section 911A(1) of the Corporations Act for the provision of the financial services to a client has been amended to ensure that the relief which financial counselling agencies rely upon is not affected by any insurance claims handling law service they provide.

ASIC Corporations (Amendment) Instrument 2022/20 does not change the conditions for exemption including that no fees or charges are payable by or on behalf of the client in relation to the financial service or any other aspect of the financial counselling service.

The exemption is available where the advice relates to deposit, non-cash payments, insurance, retirement savings account product, or superannuation products (or where the advice is to dispose of a security, an interest in a managed investment scheme or a government-issued debenture, stock or bond).

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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.