The financial services regulator is planning to provide more information about recommending products outside of a licensee's approved product list (APL), among other updates.
The Australian Securities and Investments Commission (ASIC) Commissioner Peter Kell said he hoped the new update would answer questions about running financial advice which might look beyond an APL, with two specific circumstances in mind.
"Firstly, what to do if a client's existing product is not on the APL – which is something we will have to look at more broadly – and secondly, what to do if the APL has been restricted to one class of product and there are products that are not in that class but would better meet a client's needs," Kell said.
"So we'll provide further information on that."
ASIC has also announced the release of final guides on scaled advice by the end of this year, while further guidance on conflicted remuneration is scheduled to come out by February 2013.
Commissioner Kell added the regulator had received questions about the operation, timing and strategy of the fee disclosure requirement, particularly as they apply to the pre-Future of Financial Advice (FOFA) compliance period.
"So in addition to the consultation papers, we are now planning to issue an information document on fee disclosure statements on our FOFA web page fairly shortly," Kell said.
