Posted by Thomas Barnaby on March 3 2021 in News

If you are a financial advice provider or a financial adviser, new disclosure obligations will apply to you, effective 15 March 2021. These new disclosure obligations aim to improve transparency and to ensure retail clients are provided with information to help them make important financial decisions.


Certain information must now be presented to clients four times during the advice process:

  • Publicly available information (e.g. on a website, or in a brochure which can be made available to a member of the public on request, if there is no website) to help consumers decide whether to obtain financial advice
  • By the time nature and scope of advice is known (e.g. in the scope of service agreement) to help the client decide whether to obtain financial advice
  • When providing advice (e.g. in the statement of advice) to help the client decide whether to follow the advice
  • When a complaint is received, to help the client have the complaint resolved



The information to be disclosed (with some differences at each disclosure stage) includes:

  • Details of the financial advice provider and financial adviser
  • The regulated status of the financial advice provider (either licensed, an authorised body or exempt)
  • The nature and scope of the advice provided (and limitations), including details of products advised on
  • Commissions and other incentives
  • Conflicts of interest
  • Fees charges to the client
  • Any disciplinary history
  • Details of the internal complaints process and dispute resolution scheme
  • Duties of the financial advice provider and financial adviser



The publicly available information can be provided on your website.  Other information can be disclosed at the relevant time in documents that you already provide to your client, such as your scope of engagement. 

What is important is that the information is presented in a clear, concise, and effective manner.  This is where we can help you.  We can let you know what your new obligations are, and help you prepare the form of disclosure required. 

Please get in touch with one of our team – we would be happy to assist.

Kellie Bright | Special Counsel |

Thomas Barnaby | Solicitor|

This paper gives a general overview of the topics covered and is not intended to be relied upon as legal advice.