Car Loans Australia :: News
SHARE

Share this news item!

ASIC Unveils Updated Guidance to Strengthen Financial Advice Standards

ASIC Unveils Updated Guidance to Strengthen Financial Advice Standards

ASIC Unveils Updated Guidance to Strengthen Financial Advice Standards?w=400
The Australian Securities and Investments Commission (ASIC) has rolled out a fresh set of guidelines aimed at enhancing the quality of financial advice in the wake of significant legislative reforms.
This move aligns with the recently enacted Treasury Laws Amendments (Delivering Better Financial Outcomes and Other Measures) Act 2024, which is designed to foster better financial outcomes for consumers.

The new guidance comprises several key information sheets tailored specifically for financial advisers. These sheets provide essential clarifications on various aspects of client interactions and consent requirements, crucial for maintaining regulatory compliance.

  • Information Sheet 286 FAQs: Ongoing fee arrangements and consents (INFO 286) - This document offers answers to common questions surrounding the necessity for written consent from clients prior to entering or renewing ongoing fee arrangements.
  • Information Sheet 287 FAQs: Non-ongoing fee requests or consents (INFO 287) - Focused on non-ongoing fees, this resource elaborates on the need for clients' written permission when charging such fees against their superannuation accounts.
  • Information Sheet 291 FAQs: FSGs and website disclosure information (INFO 291) - This sheet clarifies obligations concerning Financial Services Guides (FSGs) and the requisite disclosures on websites.
  • Information Sheet 292 FAQs: Informed consents for insurance commissions (INFO 292) - It outlines the requirements to obtain informed consent to avoid potential conflicts of interest related to certain insurance commissions.

This initiative comes at a time when there is a growing demand for transparency and accountability within the financial services sector. ASIC’s proactive approach in providing these updates reflects its commitment to ensuring that financial advisers are equipped with the knowledge necessary to navigate the complexities of client consent effectively.

Looking ahead, ASIC has indicated that additional guidance will follow once the second phase of the Government’s Delivering Better Financial Outcomes package is legislated. This continuous enhancement in regulatory guidance signifies ASIC’s ongoing efforts to adapt to the evolving financial landscape and consumer needs.

As firms begin to integrate these updates into their practices, industry stakeholders are urged to closely evaluate their current processes for client consent to ensure full compliance with the new requirements. The clarity provided by these information sheets is expected to assist advisers in better servicing their clients while upholding the integrity of the financial advisory profession.

For financial professionals looking to deepen their understanding of these updates, ASIC encourages ongoing education and training. Subscribing to relevant newsletters and exploring video courses can provide valuable insights and ensure advisers stay ahead in this dynamic field.

These updates convey a clear message: a commitment to empowering consumers with better financial advice and outcomes is central to the future of the industry. As stated by David Jacobson, Principal at Bright Corporate Law, maintaining adherence to these updated standards is crucial for fostering trust in financial advice.

For more detailed information, visit the ASIC website or consult specific guidelines outlined in the published sheets. Staying informed and proactive will be essential for financial advisers seeking to thrive in a post-reform environment.

Published:Tuesday, 14th Jan 2025
Source: Paige Estritori

Share this news item:

Finance News

Interest Rate Cuts: A New Dawn for Australian Housing? Interest Rate Cuts: A New Dawn for Australian Housing?
11 Feb 2025: Paige Estritori

As Australian homeowners anticipate potential rate cuts by the Reserve Bank of Australia (RBA), many are eyeing possible lucrative outcomes in the property sector. This anticipated rate reduction could herald a significant uplift in property values across key markets, potentially delivering substantial financial benefits to those prepared to sell soon. - read more
Market Tumult as Trade Tensions Escalate: ASX Closes Lower Market Tumult as Trade Tensions Escalate: ASX Closes Lower
05 Feb 2025: Paige Estritori

The Australian stock market experienced volatility on Tuesday, closing at a lower point after news broke that trade negotiations between the United States and China had failed, leading both countries to impose new tariffs. - read more
Market Tremors as Trade Tensions Escalate Market Tremors as Trade Tensions Escalate
03 Feb 2025: Paige Estritori

The Australian stock market and currency faced significant setbacks as US trade policies unfolded, signaling a turbulent economic outlook. The recent imposition of tariffs by the Trump administration has sparked concerns of a looming global trade war, with China, Australia's principal trading partner, at the center of the conflict. - read more
House Ownership in Melbourne: A Growing Challenge House Ownership in Melbourne: A Growing Challenge
30 Jan 2025: Paige Estritori

In Melbourne, the dream of owning a standalone house is slipping away for many potential buyers. The disparity between house and unit values has become increasingly pronounced, making detached homes a distant goal for many. According to data from CoreLogic, as of December 2024, typical Melbourne houses cost buyers 51.1%—or $310,202—more than units. - read more
China's AI Surprise Sends Shockwaves Through Global Markets China's AI Surprise Sends Shockwaves Through Global Markets
28 Jan 2025: Paige Estritori

As China continues to sharpen its technological edge, a new development has sent ripples across global financial markets. Investors worldwide are re-evaluating their positions following the debut of DeepSeek, a Chinese tech startup, which has introduced a free, open-source artificial intelligence model that directly challenges OpenAI's ChatGPT. - read more


Car Loans Articles

5 Critical Steps to Take Before Applying for a Car Loan in Australia 5 Critical Steps to Take Before Applying for a Car Loan in Australia
Stepping into the world of auto financing can be as daunting as it is exciting. The commitment of a new car loan demands more than just desiring your dream car; it necessitates a balanced budget and a solid financial plan. Understanding how to prepare before signing on that dotted line is not only wise, it’s imperative for your financial health. - read more
Avoid the Pitfalls: Common Mistakes to Avoid When Seeking Car Finance Avoid the Pitfalls: Common Mistakes to Avoid When Seeking Car Finance
Entering the world of car finance can be both an exciting and daunting venture. With a plethora of options for car loans in Australia, it is essential for potential buyers to arm themselves with knowledge to make the best financial decision. A well-informed choice can be the difference between a loan that propels your personal mobility, and one that hinders your financial stability. - read more
The Essential Guide to Securing Affordable Car Finance in Australia The Essential Guide to Securing Affordable Car Finance in Australia
Finding an affordable car finance option can make the dream of owning a vehicle a tangible reality for many Australians. It’s about understanding the intricacies of the loan market, interest rates, and finding a plan that aligns with your financial prospects and constraints. In a society built on the convenience of mobility, securing a car that meets both your needs and your budget is essential. - read more
Understanding Car Loan Refinancing in Australia: When Is It the Right Move? Understanding Car Loan Refinancing in Australia: When Is It the Right Move?
Car loan refinancing involves replacing an existing car loan with a new one, usually to lower the interest rate, reduce monthly payments, or modify the loan term. In Australia's fluctuating economic landscape, refinancing can be a strategic financial decision for borrowers looking to adjust their finances to more favorable terms. - read more
Your Car Loan Journey: From Application to Approval Your Car Loan Journey: From Application to Approval
In this article, we are embarking on a guided journey that we believe will help immensely in navigating the intricacies of the car loan process. - read more
5 Critical Steps to Take Before Applying for a Car Loan in Australia 5 Critical Steps to Take Before Applying for a Car Loan in Australia
Stepping into the world of auto financing can be as daunting as it is exciting. The commitment of a new car loan demands more than just desiring your dream car; it necessitates a balanced budget and a solid financial plan. Understanding how to prepare before signing on that dotted line is not only wise, it’s imperative for your financial health. - read more
The Pros and Cons of Car Loans for Used Vehicles in Australia The Pros and Cons of Car Loans for Used Vehicles in Australia
With the rising cost of living, many Australians are opting for used vehicles as a cost-effective alternative to brand-new cars. Buying a used car can offer significant savings, reducing the initial financial burden while still providing reliable transportation. - read more
The Complete Checklist for Choosing a Car Loan Provider in Australia The Complete Checklist for Choosing a Car Loan Provider in Australia
Finding the right car loan in Australia can be just as critical as selecting the car itself. Car finance, though a common undertaking, involves nuanced decisions that can have a significant impact on your financial future. - read more
Navigating Car Finance: How to Choose a Loan That Works for You Navigating Car Finance: How to Choose a Loan That Works for You
Buying a car is a significant financial decision, and for many, it means exploring the world of car finance. In Australia, the options are plentiful, and understanding them is key to making an informed choice. Car finance can seem daunting, with various loan types, interest rates, and repayment plans to consider. But fear not – a clear understanding of these options can steer you towards a deal that complements your financial circumstances. - read more
Pre-purchase Checklist for Auto Buyers: Ensuring Financial Readiness Pre-purchase Checklist for Auto Buyers: Ensuring Financial Readiness
Buying a car is an exciting milestone, but it's crucial to approach the process with a clear financial plan in place. Before you get swept away by the shiny showroom models or the thrill of a test drive, understanding the financial implications of purchasing a vehicle can save you from future stress and unwanted debt. Preparing before applying for a car loan is not just recommended; it's a necessary step that directly influences loan terms and your chances of approval. - read more


Need Help Finding a Loan?
Get a free car loan eligibility assessment and compare offers tailored specifically to your circumstances.
Loan Amount:
Postcode:
All finance quotes are provided free (via our secure server) and without obligation.
We respect your privacy.

Knowledgebase
Adjustable-Rate Mortgage (ARM) Cap:
A limit on how much the interest rate or the payment can change for an Adjustable-Rate Mortgage.