The Financial Planning Association of Australia The Financial Planning Association of Australia

‘independent’, ‘independently owned’ and ‘non-aligned’

The terms ‘independent’, ‘impartial’ and ‘unbiased’ (or any other words “of like import”) are restricted under section 923A of the Corporations Act.

Based on legal advice, ASIC now also prohibits the use of the terms ‘independently owned’, ‘non-aligned’, or ‘non-institutionally owned’ if you do not meet all the conditions of under s923A of the Corporations Act.

This is a significant change that may affect many members. We strongly advise all members to review their use of all restricted terms in light of ASIC’s updated position.

ASIC will be updating Regulatory Guide 175 Licensing : Financial product advisers conduct and disclosure (RG 175) to give guidance on how to comply with s923A.

Read ASIC’s media release and related documents.

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