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Finance Broking Australia-regulatory guide 244

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Regulatory Guide 244 - Giving information, general advice and scaled advice CPD

This guide is for Australian financial services (AFS) licensees, authorised representatives and advice providers who give information and advice to retail clients, and explains:

•    The differences between giving factual information, general advice and personal advice; and
•    How to meet the advice obligations in Ch 7 of the Corporations Act 2001, including the best interests duty and related obligations, when giving ‘scaled’ advice (i.e. personal advice that is limited in scope).

ASIC’s guidance aims to facilitate access for retail clients to good quality information and advice about all financial products.

A key objective of the Government’s Future of Financial Advice (FOFA) reforms is to facilitate access for retail clients to financial product advice, including ‘scaled’ advice (i.e. personal advice that is limited in scope). RG 244 sets out ASIC’s guidance in light of these reforms. The guidance and examples set out in RG 244 are for all Australian financial services (AFS) licensees, authorised representatives and advice providers who give information and advice to retail clients.

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