Raising levels of awareness of rights and obligations in the provision of financial product advice to retail clients

Corones, Stephen G. & Irving, Kym A. (2014) Raising levels of awareness of rights and obligations in the provision of financial product advice to retail clients. Company and Securities Law Journal, 32(3), pp. 192-213.

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In September-December 2012, 548 financial planning retail clients and 77 financial advisers responded to online surveys addressing consumer satisfaction with financial planning services and the provision of information concerning regulatory and rights issues. Retail clients commented on areas related to the best interests duty in s 961B of the Corporations Act 2001 (Cth), in particular the extent to which advisers considered their clients’ financial objectives and lifestyle situations, and the client-centredness of the financial advice they received. Retail clients also indicated their level of awareness of their substantive rights in relation to receiving advice, the legal obligations imposed on advisers, and whether they would access internal and external complaints processes if warranted. Advisers reported on the extent to which they provide clients with information relating to their substantive rights, and complaints processes available to them. Responses were analysed in relation to client demographics (e.g., age, gender, education), and experience of financial advice. This article reports on the findings of the surveys and their implications for financial planners.

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ID Code: 70970
Item Type: Journal Article
Refereed: No
Keywords: financial planning services, consumer rights
ISSN: 0729-2775
Subjects: Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Commercial and Contract Law (180105)
Divisions: Current > Research Centres > Commercial & Property Law Research Centre
Current > QUT Faculties and Divisions > Faculty of Law
Current > Schools > School of Law
Current > Schools > School of Management
Copyright Owner: Copyright 2014 Thomson Reuters (Professional) Australia Limited
Deposited On: 05 May 2014 04:31
Last Modified: 20 Jun 2014 11:08

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