ASIC Consultation Paper released
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The Consultation Paper provides draft guidance on: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.