ASIC has released an updated version of its guide to hawking prohibitions of the Corporations Act. The prohibitions are designed to prevent the “pressure-selling” of financial products to retail clients.

ASIC Executive Director Financial Services Regulation Ian Johnston said the revised guide follows discussions with a number of industry associations and takes into account their feedback.

“ASIC’s overall approach to the hawking prohibitions has not changed, but we have clarified some aspects of the guide and responded to the wide variety of practices within the industry,” Mr Johnston said.

Under the hawking prohibitions, a person must not offer financial products for issue or sale to a retail client in the course of, or because of, an unsolicited meeting or telephone call.

Copies of the revised guide can be obtained from the Financial Services page of the ASIC website at www.asic.gov.au.