The Australian Securities and Investments Commission has revised its record-keeping obligations.

The rules now require Australian financial services licensees to show they have complied with the Future of Financial Advice best-interests duty.

“Keeping records of advice and transactions is important to ensure clients receive quality advice and that financial services are provided efficiently, honestly and fairly,” the regulator says.

The National Insurance Brokers Association took part in the consultation.

In its submission it supports good record-keeping by members and welcomed exclusions for general insurance. However, it is concerned some aspects of the proposals could create “an unnecessary compliance burden, confusion and dispute”.

Association CEO Dallas Booth told insuranceNEWS.com.au it is up to individual brokers to establish an appropriate level of record-keeping under the new rules.