ASIC has issued the following four new information sheets in response to reforms under the Treasury Laws Amendments (Delivering Better Financial Outcomes and Other Measures) Act 2024 (DBFO Act). ASIC’s guidance in INFO 286, INFO 287 and INFO 292 should assist financial advisers in adhering to the fee and consent obligation which apply from 10 January 2025
- Information Sheet 286 FAQs: Ongoing fee arrangements and consents (INFO 286), which answers frequently asked questions (FAQs) for financial advisers who must get a client’s written consent to enter into or renew an ongoing fee arrangement. It applies to ongoing fee arrangements:
- entered into on or after 10 January 2025 (start day), and
- already in force on the start day, from the first anniversary of the arrangement that occurs after the start day.
- Information Sheet 287 FAQs: Non-ongoing fee requests or consents(INFO 287), which answers FAQs for financial advisers who must get a client’s written request or consent to charge non-ongoing fees to client superannuation accounts. It applies to written requests or consents to charge fees under non-ongoing fee arrangements:
- entered into on or after 10 January 2025 (start day), and
- already in force on the start day, after the arrangement is terminated, renewed or varied, or from 12 months after the start day (whichever is earlier).
- Information Sheet 291 FAQs: FSGs and website disclosure information (INFO 291), which answers FAQs about obligations relating to Financial Services Guides (FSGs) and website disclosure information relating to:
- giving an FSG or website disclosure information (Questions 1–8)
- making website disclosure information available (Questions 9–13)
- disclosures in an FSG or website disclosure information (Questions 14–16), and
- obligations for secondary service providers, intermediaries, and record-keeping obligations (Questions 17–18).
- Information Sheet 292 FAQs: Informed consent for insurance commissions (INFO 292), which answers FAQs about the obligation to obtain informed consent before receiving certain insurance commissions to avoid them being conflicted remuneration. For more information, see:
- ASIC Corporations (Record-Keeping Requirements for Australian Financial Services Licensees when Giving Personal Advice) Instrument 2024/508
- ASIC Corporations (Life Insurance Commissions) Instrument 2017/510
- RG 246 Conflicted and other banned remuneration
- PF 209 Australian financial services licence conditions
- RG 175 AFS licensing: Financial product advisers–Conduct and disclosure
- Revised Explanatory Memorandum (PDF 1.17 MB) to the DBFO Bill, and
- Supplementary Explanatory Memorandum (PDF 380 KB) to the DBFO Bill.
ASIC releases new and updated guidance in response to the DBFO Act | ASIC
