RG 255
Providing digital financial product advice to retail clients
Issued 30 August 2016. Digital advice (also known as robo-advice or automated advice) is the provision of automated financial product advice using algorithms and technology and without the direct involvement of a human adviser.
In plain English
RG 255 explains how to provide automated financial product advice, also called robo-advice, to retail clients.
RG 255 applies to businesses providing digital financial product advice. It covers requirements for designing, delivering, and monitoring this advice. Businesses must ensure the advice is appropriate and meets legal obligations. The guide was issued on 30 August 2016 and remains current.
Why it matters
If your business uses automated tools to give financial advice, RG 255 helps you meet your obligations. It ensures clients receive suitable advice and protects them from harm. Failing to comply could impact your business’s reputation and standing.
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Issuing regulator
ASIC →Topics
Source: https://www.asic.gov.au/regulatory-resources/find-a-document/regulatory-guides/rg-255-providing-digital-financial-product-advice-to-retail-clients/. Rules Mate indexes + summarises; always verify against the regulator's live publication.