Complying with the best interests duty

RG 175.267 Section 961B(2) provides a ‘safe harbour’ for advice providers.

If an advice provider can show that they have taken the steps in s961B(2),
they are considered to have complied with the best interests duty.

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RG 175.268 The safe harbour requires an advice provider to:

(a)identify the objectives, financial situation and needs of the client that were disclosed by the client through instructions;
(b)identify

:(i)the subject matter of the advice sought by the client (whether explicitly or implicitly);

and

( ii)the objectives, financial situation and needs of the client that would reasonably be considered relevant to advice sought on that subject matter (client’s relevant circumstances);

(c)if it is reasonably apparent that information relating to the client’s relevant circumstances is incomplete or inaccurate, make reasonable inquiries to obtain complete and accurate information


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John Michael McAuliffe AFA, DipFp., BSc., DipTeach.

John is a Premier Wealth Coach & Financial Strategist. John McAuliffe Authorised Representative No.238629 of The Financial Link Group Pty Ltd

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