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The right side of the law - Financial Services Reform Act and investment advice paper


The introduction of the Financial Services Reform Act in March 2004 has altered the regulatory landscape for many accountants and lawyers providing investment advice as part of their normal business activities. To ensure they are not breaching the financial services laws, these professionals need to have a clear understanding of how the new laws affect them and what they can and can’t do without being licensed. This paper focusses on:

  • what falls within the definition of 'financial product advice' and what remains outside?
  • what can an accountant and lawyer can say without needing to be licensed or authorised?
  • how to differentiate between providing purely factual information and financial product advice
  • consequences for breaching the FSR laws
  • the impact of the proposed legislation deterring the promotion of tax exploitation schemes.

Author profile:

Shannon Coates
Shannon is Compliance Counsel with Great Southern Plantations Limited. Her primary responsibility is to ensure that the Great Southern Group, as holder of several Australian Financial Service licences, and its network of Authorised Representatives are able to comply with their financial services obligations. Shannon is a qualified lawyer with over 10 years experience in the financial services industry. Prior to joining Great Southern, Shannon was in-house legal counsel and company secretary for Asgard Wealth Solutions (formerly Sealcorp Holdings Limited). Current at 23 February 2006

This was presented at 40th South Australian State Convention: Let's Celebrate.

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