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Finance Broking Australia-regulatory guide 246 conflicted remuneration

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Regulatory Guide 246 - Conflicted remuneration CPD

This guide is for Australian financial services (AFS) licensees and their representatives and other entities that need to comply with the provisions on conflicted remuneration and other banned remuneration in Divs 4 and 5 of Pt 7.7A of the Corporations Act 2001 (Corporations Act).

It sets out ASIC’s guidance on complying with these provisions and how they will administer them.

The provisions apply to financial product advice given to retail clients. The provisions on conflicted remuneration and other banned remuneration in Divs 4 and 5 of Pt 7.7A of the Corporations Act (conflicted remuneration provisions) aim to more closely align the interests of those who provide financial product advice to retail clients with the interests of their clients.

The conflicted remuneration provisions ban many benefits given to those persons who provide financial product advice to retail clients that could reasonably be expected to influence the financial product advice they give.

RG 246 sets out our expectations for how AFS licensees and representatives can comply with the conflicted remuneration provisions and how ASIC will administer these provisions.

RG 246 provides an overview of the ban on conflicted remuneration, including:
•    What is conflicted remuneration;
•    What is covered by the ban;
•    What happens when the ban is breached;
•    Examples of conflicted remuneration; and
•    Benefits that are not conflicted remuneration.

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