Our insights - Henry Davis York

ASIC Consultation Paper released

Spacer Panel

16 December 2015

Following its announcement on 6 May 2015, ASIC has today released Consultation Paper 247 proposing guidance on client review and remediation programs conducted by AFSL holders that provide personal advice.

Please click here to view the Consultation Paper.

The Consultation Paper provides draft guidance on:

  • when to establish a review and remediation program;
  • determining the scope of the program;
  • the design of a comprehensive and effective program;
  • effective communication with clients; and
  • ensuring access to the external review of decisions.

The Consultation Paper also proposes changes for the record-keeping obligations of AFSL holders to be recorded by way of amendment to Class Order [CO 14/923] Record-keeping obligations for Australian financial services licensees when giving personal advice.

Submissions are due by 26 February 2016 with the final regulatory guide set to be released in May 2016. HDY's Regulatory Risk + Strategy team would be happy to discuss the Consultation Paper and any proposed submissions with you.

Scott Atkins

Partner

61 411 441 234

61 2 9947 6059

scott.atkins@hdy.com.au

Nikki Bentley

Partner

61 422 004 806

61 2 9947 6245

nikki.bentley@hdy.com.au

John Martin

Partner

61 418 229 942

61 2 9947 6318

john.martin@hdy.com.au

Kathy Merrick

Partner

61 407 214 611

61 2 9947 6341

kathy.merrick@hdy.com.au

Claudine Salameh

Partner

61 402 451 770

61 2 9947 6489

claudine.salameh@hdy.com.au

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