Who must provide FSG + Statement of Advice to retail clients?
The applicability test for Provide FSG + Statement of Advice to retail clients (ASIC), computed across 35 industries, 9 business structures and 6 size bands.
Short answer: Only if
Applies when the business has an AFSL. Where the business has financial products no afsl, check whether you provide financial services (you then need an AFSL or authorised-representative status).
What the obligation is
Financial Services Guide before service; Statement of Advice for personal advice.
Sections 941A-952A Corporations Act require AFSL holders + ARs to provide a Financial Services Guide (FSG) before providing financial service to a retail client. Statement of Advice required for personal advice; SOAs detail subject + basis of advice + remuneration + warnings.
The applicability test
Applies when the business has an AFSL. Where the business has financial products no afsl, check whether you provide financial services (you then need an AFSL or authorised-representative status).
How the regulator frames it: AFSL holders + ARs providing services to retail clients.
What triggers it: Providing financial service or personal advice.
Jurisdiction: Commonwealth law, so the test is the same in every state and territory.
Which industries are in or out
Outcome across the 35 industries Rules Mate maps (35 of 35: no).
The answer is the same in every industry: no. Industry does not change who must comply.
Business structure and size
Structure does not change the answer across all industries: for every structure the answer is "no".
Size does not change the answer across all industries: at every size band the answer is "no".
Worked examples
Each line is one run of the Rules Mate applicability engine for a single business profile, with the reason the engine gives:
- Pty Ltd company in real estate agents with 6–19 employees, turnover $1M–$3M: does not apply. Requires an AFSL.
Answers that bring it into scope
Starting from a small or large professional services company that does not otherwise meet the test, each of these single facts changes the engine's answer:
- The business holds an Australian financial services licence (AFSL): it then applies (AFSL holder).
- The business issues financial products or gives financial product advice: it becomes worth checking, because it applies only if you provide financial services (you then need an AFSL or authorised-representative status).
When you need to check further
The engine shows this obligation as "check whether this applies" when a business has financial products no afsl. It then applies only if you provide financial services (you then need an AFSL or authorised-representative status). That fact is not something Rules Mate can infer from industry, structure or size.
What you must do, and when
- When due
- FSG before service; SOA at time of advice.
- Frequency
- Ongoing
- Evidence to keep
- Current FSG; signed SOA + file note.
- Status
- Current
- Priority
- Critical
Penalty for not complying
Maximum penalty: Civil penalties to AFSL maximum; ASIC remediation orders.
Audit or assurance level
Rules Mate has not yet classified the audit or assurance level for this obligation. Any audit, review or certification requirement is set by the regulator source listed below.
Obligations with the same applicability test
If this obligation applies to you, so do these 7: the engine uses the same rule for each.
- Comply with AFSL general obligations (s 912A)
- Maintain adequate PI insurance (AFSL holders, RG 126)
- Authorise representatives correctly (Authorised Representative regime)
- Maintain Financial Adviser registration + standards (s 921B)
- Ban on conflicted remuneration (FOFA)
- AFSL representative training (RG 146)
- Best interests duty for financial advisers (s 961B-G)
Where it sits in the corpus
Rules Mate tracks 17 published obligations tagged "financial services", 12 of them rated critical. For a professional services Pty Ltd company with 6–19 employees operating in every state, 0 of those apply outright. This obligation is rated critical priority, and is an ongoing duty.
Regulator, legislation and tools
Regulated by Australian Securities and Investments Commission.
ASIC: Corporate regulator administering the Corporations Act, financial services and credit licensing (AFSL/ACL), markets supervision, insolvency, and registries (ASIC and ABRS).
Corporations Act: The foundational federal Act for Australian corporate law.
Free tools that help with this obligation:
Questions
- Who must provide FSG + Statement of Advice to retail clients?
- Applies when the business has an AFSL. Where the business has financial products no afsl, check whether you provide financial services (you then need an AFSL or authorised-representative status).
- Do sole traders need to provide FSG + Statement of Advice to retail clients?
- No. Across every industry and every size band, the engine's answer for a sole trader is: no.
- Do businesses with 1–5 employees need to provide FSG + Statement of Advice to retail clients?
- No (1–5 employees, turnover $100K–$1M).
- When is "Provide FSG + Statement of Advice to retail clients" due?
- FSG before service; SOA at time of advice.
Related
Sources
Computed by the Rules Mate applicability engine from the published obligation corpus; facts last checked 3 October 2026. Rules Mate is not a law firm and this is general information, not legal advice. Confirm your position with the regulator source or a qualified adviser before acting.