17 August 2026

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ASIC review highlights conflict of interest

Graham Hand
15 August 2013

An Australian Securities and Investments Commission (ASIC) review of the 21st to 50th biggest Australian Financial Services (AFS) licensees has found a majority of their income comes from product issuers, which may give rise to conflicts of interest.

ASIC Report 362 Review of financial advice industry practice: Phase 2 found that the management of conflicts of interest remains a "critical risk that requires ongoing attention from licensees".

Product concentration also represents a "significant risk" for licensees, according to the report.

"Any product failure will have a much greater impact on licensees whose product recommendations are concentrated into a small number of products, not only in relation to client losses but also in relation to the licensees’ income if a large proportion of their income is from commissions," said the report.

Report 362 is a follow-up of the September 2011 Report 251, which was based on the top 20 financial advice firms.

ASIC plans to visit other newly licensed financial advice businesses to discuss implementation of the Future of Financial Advice reforms.

ASIC, conflict of interest, financial advice, industry practice, regulation

15 August 2013

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ASIC review highlights conflict of interest

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