Laws or related obligations
Financial Services
ASIC Regulatory Guide 256: Client review and remediation conducted by advice licensees
This regulatory guide sets out our guidance on client review and remediation (review and remediation) that:
- is conducted by Australian financial services (AFS) licensees who provide personal advice to retail clients (advice licensees); and
- seeks to remediate clients who have suffered loss or detriment as a result of misconduct or other compliance failure by an advice licensee (or its representatives) in giving personal advice.
- implementation may differ between the various types of review and remediation; and
- licensees may need to consider specific legislative requirements or other guidance that applies: see RG 256.7, ĂÂRG 256.11.
- when to initiate the process of review and remediation (see Section B);
- the scope of review and remediation (see Section C);
- designing and implementing a comprehensive and effective process for review and remediation (see Section D);
- communicating effectively with clients (see Section E); and
- ensuring access to external review (see Section F).
Sector(s):
- Financial
Jurisdiction(s):
- Australia
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