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Guidance on conflicted remuneration updated 

ASIC has updated its guidance on conflicted remuneration to more closely reflect a range of regulatory changes since the guide was issued in 2013. 

The updated Regulatory Guide 246 ‘Conflicted and other banned remuneration’ (RG 246) (previously titled Conflicted remuneration) now includes guidance on the operation of the incoming life insurance remuneration reforms and additional working examples.  

More information can be found here. 

New example Statement of Advice for life insurance released 

ASIC has released a new example Statement of Advice (SOA) for life insurance as part of updates to Regulatory Guide 90 ‘Example Statement of Advice: Scaled advice for a new client’ (RG 90). 

The example SOA in RG 90 is designed to assist advisers to produce an SOA that is compliant, concise, easy to understand, and written in plain English. 

More information can be found here. 

ASIC permanently bans directors for dishonest and deceptive conduct 

ASIC has permanently banned two directors of Found Financial Services Pty Ltd for falsifying life insurance applications to maximise the amount of up-front commission received by Found Financial. 

More information can be found here.

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