{"id":74837,"date":"2024-11-26T08:52:28","date_gmt":"2024-11-25T22:52:28","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=74837"},"modified":"2024-12-11T13:20:03","modified_gmt":"2024-12-11T02:20:03","slug":"new-regulatory-guidance-for-advisers-on-dbfo-reforms","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2024\/11\/26\/new-regulatory-guidance-for-advisers-on-dbfo-reforms\/","title":{"rendered":"New Regulatory Guidance For Advisers on DBFO Reforms"},"content":{"rendered":"<p>ASIC has issued new regulatory guidance and has updated some existing guidance in response to reforms under the Delivering Better Financial Outcomes Act, <span data-sheets-formula-bar-text-style=\"font-size:13px;color:#000000;font-weight:normal;text-decoration:none;font-family:'Arial';font-style:normal;text-decoration-skip-ink:none;\"> including informed consent for life insurance commissions.<\/span><\/p>\n<p>The regulator says its new regulatory guidance includes four new information sheets and updates to Regulatory Guide 246 <em>Conflicted and other banned remuneration<\/em> (<a href=\"https:\/\/asic.gov.au\/regulatory-resources\/find-a-document\/regulatory-guides\/rg-246-conflicted-and-other-banned-remuneration\/\" target=\"_blank\" rel=\"noopener\">RG 246<\/a>) and Regulatory Guide 175 <em>AFS Licensing: Financial product advisers\u2013Conduct and disclosure<\/em> (<a href=\"https:\/\/asic.gov.au\/regulatory-resources\/find-a-document\/regulatory-guides\/rg-175-afs-licensing-financial-product-advisers-conduct-and-disclosure\/\" target=\"_blank\" rel=\"noopener\">RG 175<\/a>).<\/p>\n<p>The new information sheets are:<\/p>\n<ul>\n<li>Information Sheet 286 <em>FAQs: Ongoing fee arrangements and consents<\/em> (<a href=\"https:\/\/asic.gov.au\/regulatory-resources\/financial-services\/giving-financial-product-advice\/fees\/faqs-ongoing-fee-arrangements-and-consents\/\" target=\"_blank\" rel=\"noopener\">INFO 286<\/a>), which answers frequently asked questions for financial advisers who must get a client\u2019s written consent to enter into or renew an ongoing fee arrangement<\/li>\n<li>Information Sheet 287 <em>FAQs: Non-ongoing fee requests or consents<\/em> (<a href=\"https:\/\/asic.gov.au\/regulatory-resources\/financial-services\/giving-financial-product-advice\/fees\/faqs-non-ongoing-fee-requests-or-consents\/\" target=\"_blank\" rel=\"noopener\">INFO 287<\/a>), which answers FAQs for financial advisers who must get a client\u2019s written request or consent to charge non-ongoing fees to client superannuation accounts<\/li>\n<li>INFO 291 <em>FAQs<\/em>: <em>FSGs and website disclosure information<\/em> (<a href=\"https:\/\/asic.gov.au\/regulatory-resources\/financial-services\/giving-financial-product-advice\/faqs-fsgs-and-website-disclosure-information\/\" target=\"_blank\" rel=\"noopener\">INFO 291<\/a>), which answers FAQs about obligations relating to Financial Services Guides and website disclosure information<\/li>\n<li>INFO 292<em> FAQs: Informed consents for insurance commissions<\/em> (<a href=\"https:\/\/asic.gov.au\/regulatory-resources\/financial-services\/giving-financial-product-advice\/faqs-informed-consents-for-insurance-commissions\/\" target=\"_blank\" rel=\"noopener\">INFO 292<\/a>), which answers FAQs about the obligation to obtain informed consent before receiving certain insurance commissions to avoid them being conflicted remuneration<\/li>\n<\/ul>\n<p>ASIC says that INFO 291 includes references to its recently made instrument that allows AFS licensees or their representatives, dealing in a financial product for the purposes of implementing financial product advice, to rely on website disclosure information in place of providing an FSG (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2024\/10\/25\/asic-relief-on-fsg-requirements-welcomed\/\" target=\"_blank\" rel=\"noopener\">AISC Relief on FSG Requirements Welcomed<\/a>).<\/p>\n<p>ASIC\u2019s guidance in INFO 286 and INFO 287 \u201c\u2026should assist financial advisers in meeting the revised advice fee obligations under the DBFO Act, which apply from 10 January 2025 for new fee arrangements.\u201d<\/p>\n<p>ASIC\u2019s updates to RG 246 &#8220;&#8230;include new guidance in response to amendments to the conflicted remuneration requirements under the DBFO Act. Revisions to RG 175 have been made to remove the FSG guidance in former Section C as its guidance had been replaced by INFO 291.\u201d<\/p>\n<p>ASIC has also made consequential amendments to two regulatory guides and five information sheets.<\/p>\n<p>The commission says it will issue further guidance once the second tranche of the Government\u2019s Delivering Better Financial Outcomes package is legislated.<\/p>\n<p>\u201cWe will consult with industry before issuing further guidance,\u201d it says.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ASIC has issued new regulatory guidance and has updated some existing guidance in response to reforms under the Delivering Better Financial Outcomes Act, including informed consent for life insurance commissions. The regulator says its new regulatory guidance includes four new information sheets and updates to Regulatory Guide 246 Conflicted and other banned remuneration (RG 246) [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":74842,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-74837","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/74837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=74837"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/74837\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/74842"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=74837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=74837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=74837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}