In August 2022, the Australian Treasury released the Quality of Advice Review Consultation paper (“Consultation Paper”) which provides proposals for reform relating to the quality of advice given by entities that provide financial product advice to clients.


Entities that provide financial product advice to clients must follow guidelines of personal advice and general advice under Chapter 7 of the Corporations Act 2001. Personal advice is defined as financial product advice that is given to a person where the provider considers one or more of the person’s objectives, financial situation and needs, and a reasonable person might expect the provider to have considered one or more of those matters. General advice on the other hand, is defined as financial product advice that is not personal advice. The purpose of the Consultation Paper is to consider whether…

next steps for firms

The Quality of Advice Review is recommending reforms on how financial advice is administered. Have you considered if these changes will impact you? We can advise you on next steps and ensure you comply.

To review the Consultation Paper, please click here.

For more information, and any guidance on the Quality of Advice Review, Cleveland & Co External in-house counsel™, your specialist outsourced legal team, are here to help.

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