Provide FSG + Statement of Advice to retail clients
Financial Services Guide before service; Statement of Advice for personal advice.
Who must comply
AFSL holders + ARs providing services to retail clients.
What triggers it
Providing financial service or personal advice.
When due
FSG before service; SOA at time of advice.
Evidence required
Current FSG; signed SOA + file note.
Max penalty
Civil penalties to AFSL maximum; ASIC remediation orders
Summary
Sections 941A-952A Corporations Act require AFSL holders + ARs to provide a Financial Services Guide (FSG) before providing financial service to a retail client. Statement of Advice required for personal advice; SOAs detail subject + basis of advice + remuneration + warnings.
Enforced by
Source legislation
Entity types
Topics
Source: https://asic.gov.au/regulatory-resources/financial-services/financial-services-guides-fsg/. Rules Mate is not a law firm. Always verify against the live regulator source before acting.