Financial Advice Regulatory and Legal Obligations

Incorporating Corporations Act – Chapter 7, Anti-Money Laundering (AML), Tax Agents Services Act (TASA)):

• Obligations under Chapter 7 (financial services and markets), Corporations Act 2001
  • The Statement of Advice (SOA) and the essential requirements
  • Implications of breaching the financial disclosure obligations
  • Breaches and the notification obligations – when a breach has occurred and what you need to do
  • The legal requirements for individual and licensee
• Anti-money laundering and the Counter-Terrorism Financing rules – the legal requirements when providing advice
• Privacy obligations under the Privacy Act when providing financial advice
• Compliance with the Tax Agents Services Act requirements as a registered Tax Adviser

Applied ethical and professional reasoning and communication

So, you think ethics is ‘soft’? We explore the  requirements under FASEA and the border line issues that will test your knowledge and compliance with the Code.

• The FASEA Code of conduct – what you are required to do and how you need to act?
• The Code of Ethics explored:
  • The Code’s impact and importance for planners and advisers
  • What the code means in real life client scenarios – dilemmas and issues
• Applying the Code and your professional standards
• Acting in the best interests of your client – what that really means
• Due diligence and your clients files and records – the essential internal processes to maintain compliance
• Putting ethics in practice

Financial Advice Construction

• Key steps in the advice process
• When are you giving advice?
• Fee disclosure and renewal requirements
• Identifying and aligning advice to different consumer groups
• Understanding the environment in which financial product advice is sought and given for new and existing clients
• Key documentation requirements
• Meeting your client best interest duty
• Preventing misconduct and inappropriate advice
• Evaluating and applying advice strategies for different retail clients