As part of the 25 proposed changes to the Financial Services Reform Act being pushed through the system by Parliamentary Secretary to the Treasurer Chris Pearce, the Australian Securities and Investments Commission (ASIC) has now offered some relief on financial services guides (FSGs).

A new class order will promote “tailoring” of FSGs so that financial services providers do not have to comply in all situations with the additional remuneration disclosure requirements in the Corporations Regulations 2001.

ASIC Director of Regulatory Policy Mark Adams says the corporate regulator considers the law only intended that FSGs contain remuneration information about the likely services to be provided to consumers.

“By permitting tailoring of remuneration information, ASIC’s relief will encourage relevant and targeted disclosure to consumers and therefore improve the effectiveness of FSGs.”