Licensees also have obligations relating to the

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Unformatted text preview: e the FINANCIAL ADVISERS’ OBLIGATIONS financial services they are authorised for, such as advice about superannuation. Licensees also have obligations relating to: The obligations financial advisers must fulfil under choice of superannuation fund are listed in this section. However, these obligations are explained in more detail in ASIC’s policy statements and guides. For more information, visit ASIC’s website and read the following: ■ compliance and risk management ■ the adequacy of financial, technological and human resources, and ■ dispute resolution and compensation arrangements. ■ Section C of Policy Statement (PS) 164, Licensing: Organisational capacities ■ Small business and your AFS licence: Compliance with Policy Statement 164, which provides examples of checklists and measures that small businesses can tailor to their needs, and ■ Sections C and D of Policy Statement (PS) 175, Licensing: Financial Product Advisers – conduct and disclosure, which provides guidance about their appropriate advice and statement of advice obligations. MAKE SURE THAT THEIR ADVICE IS APPROPRIATE An adviser must have a reasonable basis for any personal financial product advice they give. This includes advice about which superannuation fund to choose. An adviser must therefore obtain and consider information about both the client and the relevant financial product/s. Where they advise a switch from one superannuation product to another, an adviser must generally make a comparison of the relevant costs, features and benefits of Australian Standard (AS) 3806-1998: Compliance both the ‘from’ fund and the ‘to’ fund. programs is also a useful guide for planning and Advisers must also ensure they manage any conflicts of implementing compliance measures, processes and interest that might influence their advice. This includes procedures. To get a copy, visit the Australian Standards conflicts that might arise because of the way advisers are website at
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