Financial services

ASIC's regulatory guidance on compliance with the financial services regime.

The Corporations Act 2001 imposes:

• a single licensing regime for financial sales, advice and dealings in relation to financial products,
• consistent and comparable financial product disclosure,
• and a single authorisation procedure for financial exchanges and clearing and settlement facilities.

The regulatory framework covers a wide range of financial products including securities, derivatives, general and life insurance, superannuation, margin lending, carbon units, deposit accounts and means of payment facilities.

We have released regulatory guidance in relation to the Future of Financial Advice (FOFA) reforms. We are continuing to monitor the progress of the relevant regulations, in light of ongoing government review of these reforms.

Related information

• AFS licensees: Applying for and managing your licence
• Disclosure: Financial product disclosure
• Dispute resolution: The key features of such a dispute resolution system
• Giving advice: Read our guidance on giving financial advice
• Media releases - Financial services
• Regulatory tracker
• Relief: ASIC can grant exemptions from or modifications to the law in certain situations
• Reportable situations: Licensees must notify ASIC of all situations that are reportable
• Specific services - crowd-sourced funding, marketplace lending, credit rating agencies, carbon markets, financial advisers providing tax advice
• Training: Minimum training standards that apply to advisers

Law reform

• Professional standards for financial advisers
• Future of Financial Advice reforms

What's new

• 13 September 2024 - NEWS ITEM ASIC updates superannuation forecasts relief instrument
  Key points: ASIC has updated the default rate of nominal wage inflation in ASIC (Superannuation Calculators and Retirement Estimates) Instrument .
• 10 September 2024 - MEDIA RELEASE 24-200MR ASIC calls on product issuers to review distribution practices for DDO compliance
  ASIC is calling on product issuers to ensure distribution practices are up to scratch, pointing to flawed consumer questionnaires being the catalyst .
• 04 September 2024 - MEDIA RELEASE 24-194MR ASIC cancels AFS licence of retail OTC derivative issuer FXOpen AU
  ASIC has cancelled the Australian financial services (AFS) licence of contracts for difference (CFDs) and foreign exchange contracts issuer, FXOpen .

ASIC industry funding

What you need to know