Best interests duty for financial advisers (s 961B-G)
Personal advisers must act in client's best interests + meet related obligations.
Who must comply
Personal advisers (relevant providers).
What triggers it
Providing personal advice to a retail client.
When due
Continuous per engagement.
Evidence required
SOA; client-best-interests-duty record; conflict register; prioritisation evidence.
Max penalty
Civil penalties to financial services maximum ($15.65M / 3× / 10%)
Summary
Sections 961B-961G Corporations Act + ASIC RG 175 require providers of personal advice to retail clients to: (1) act in client's best interests; (2) provide appropriate advice; (3) warn if advice based on incomplete/inaccurate info; (4) prioritise client's interests over their own.
Enforced by
Source legislation
Topics
Source: https://asic.gov.au/regulatory-resources/find-a-document/regulatory-guides/rg-175-licensing-financial-product-advisers-conduct-and-disclosure/. Rules Mate is not a law firm. Always verify against the live regulator source before acting.