Financial Services



Marketing Financial Products

ASIC maintains a broad definition of marketing financial products and strict regulation of any breaches. These are usually based upon the type of client firms seek to induce to use their services. Before attempting to induce clients a person/firm must hold either an Australian Financial Services Licence (AFSL) or relevant exemption under s 911D of […]


Financial Brokers’ Duties

The ongoing Financial Services Royal Commission has placed financial brokers’ duties towards their client into stark focus. Allegations have been heard of brokers enticing customers into unsuitable loans due to their own commission, holding conflicts of interests, and charging excessive fees to their clients. While the Commission is ongoing, it is prudent to analyse existing […]


Understanding Australian Financial Services Licences

All financial services businesses in Australia are required to operate under an Australian Financial Services Licence (AFSL). In this article, we will examine the essential elements of AFSLs to help you better understand your position as a prospective financial services provider or consumer.


Swan & Baker v Marando – Financial Negligence Case Note

The case of Swan & Baker Pty Ltd v Marando [2013] NSWCA 233 is a matter concerning negligence on the part of a financial adviser. The case reveals an element of the duty of care held by financial advisers, namely that the duty of care can continue beyond the provision of financial services. It also illustrates circumstances in which this duty can be breached.


Breach Reporting for Australian Financial Services Licensees

Australian Financial Services Licensees are bound by a plethora of obligations. One such obligation is for breach reporting for Australian Financial Services Licencesees for any ‘significant’ breach or potential breach to the Australian Securities and Investments Commission (ASIC). Understanding these obligations, and the processes involved where the existence of a breach is at issue, is […]


Professional Standards for Financial Advisers

There has been significant public concern regarding the conduct of financial advisers. This has led to important developments to the law this year, with a focus on raising current standards of the calibre of financial advisers, as well as preserving and building Australia’s financial services industry.


Financial Advisers – Fee Disclosure Statements

There are certain obligations financial advisers are bound by when providing ongoing services. This may include the obligation to provide a fee disclosure statement. These statements can be incredibly useful for recipients of financial advice, as they can help you as a client understand whether the services you are receiving are proportionate to the ongoing fees being paid, and vice versa. That is, a fee disclosure statement can provide you with an indication of your position in the context of receiving financial advice. It will also help you decide whether this arrangement should continue.


The Financial Services Guide and Complaints Process

When you are faced with issues or disputes with your financial adviser it is important to understand your position and any relevant resolution processes available. It is helpful to speak to your adviser and express your grievances to them first. If you are unable to reach an agreement on the issue, however, there are different means by which you can make a complaint. This article will explain the complaints process with regards to an entity’s Financial Services Guide.


Australian Financial Services Licences and Charitable Investment Fundraisers

The decision was made late last year to alter the current framework for charitable investment fundraisers regarding Australian Financial Services Licences (ASFLs). This change marks a growing trend towards tightening regulation by ASIC, in an attempt to increase investor protection.


Fiduciary Duties of Financial Advisors

In some circumstances, financial advisors may come to owe their clients fiduciary duties. This is dependent on a number of circumstances and can have varying effects on the relationship and importantly, on the advisor’s responsibilities to the client. Breach of these duties gives rise to various modes of recovery for the client. In this article we discuss what a fiduciary duty is, how it can arise and what fiduciary duties financial advisors may owe their clients.



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