Cowell Clarke

It came as a relief instrument rather than the expected guidance note, but ASIC’s move still managed to give advisers the surety they need to legally use the FSG exemption.

For advisers that have already started relying on website disclosure, the unclear legislation “may or may not” be an issue, the Cowell Clarke lawyer explained. Whatever approach advisers are currently taking, they should all be paying attention when the regulator releases its guide next month.

Cowell Clarke lawyer Richard Hopkin said there are reasonable grounds for licensees to certify clients as wholesale, but the practice invites a much higher degree of risk than the traditional route of gaining an accountants’ certificate.