The Australian Securities and Investments Commission (ASIC) has dropped a requirement that general insurance authorised representatives (ARs) must provide clients with a Financial Services Guide (FSG).

The relief applies to ARs dealing in general and/or bundled consumer credit insurance products that provide claims handling and settling services.

The change was approved following an application from an insurer. ASIC still requires that the licensee ensures its AR gives clients written detail about who it acts for and any remuneration, including commission, and makes clear a dispute resolution system is available.

“ASIC granted relief to reduce the regulatory burden associated with duplicative disclosure requirements,” the corporate regulator said.

Consumers will continue to receive the same level of protection that they would if they dealt directly with the product issuer, it said.

ASIC formerly stipulated that all financial product advisers to retail clients must provide an FSG to help clients “decide whether to obtain financial advice (or any other financial service) from you” and ensure they “receive good quality advice and are able to make informed decisions”.