The Australian Securities and Investments Commission (ASIC) is getting behind refining the Government’s promises to overhaul important aspects of the Financial Services Reform Act, with eight “refinement projects” for financial services set to be completed before the end of the year.

The projects provide guidance on aspects of statements of advice, general advice warnings, general/personal advice clarification, online calculators, authorisation requirements for agents, qualifications for basic deposit products advisers and non-cash payment facilities.

Executive Director Regulation Malcolm Rodgers says ASIC is giving “high priority” to the refinement projects to ensure consumer and industry benefits are delivered as soon as possible.

“Each project has a separate timetable,” he said. “We plan to have the great majority of our work, including all our public consultation, completed by September.”