ASIC launches first ‘best interests duty’ case
The FOFA legislation has been in place for some time now and enshrines the client’s best interests. This is the appropriate foundation for property investment advice too. It will be interesting to see how this case unfolds and what we learn about the impact of this regulation before it is presumably applied to property investment advice.
“The court case marks the first civil penalty action ASIC has taken against a licensee for alleged breaches of the ‘best interests duty’ created under the Future of Financial Advice (FOFA) reforms.”