King & Wood Mallesons

Asia-Pacific 100 rank: 3

ASIC finalises views on codes to obviate the FoFA opt-in requirement

ASIC has finalised its regulatory guidance concerning the approval of codes of conduct relating to the opt-in requirement under the Future of Financial Advice (FoFA) measures. The guidance is contained in a reissued version of Regulatory Guide 183 Approval of financial services sector codes of conduct (RG 183).

Under the opt-in requirement, an adviser who has an ongoing fee arrangement with their client must get their client to renew the arrangement every two years. If the client does not opt-in, the arrangement terminates. 

ASIC may grant relief from the opt-in requirement if it is satisfied that an adviser is bound by a code of conduct which has been approved by ASIC and which “obviates” the need for compliance with the requirement. In RG 183, ASIC sets out the approach it will take in assessing codes which are submitted to it for approval…

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