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Providing purely factual information on its own does not constitute financial product advice. However, as soon as you start presenting factual information in a manner that may be considered as intended to influence a person to make a decision about a financial product, you move into the area of general or personal advice. This requires an AFSL.
ASIC’s media release 12-304MR highlights some of ASIC’s concerns. Any comparison website also needs to ensure they are not being misleading and deceptive in their comparisons. Some operators have attracted unwanted interest from the regulator by only comparing a limited range of providers.
We assist a number of comparison websites with ongoing compliance. We also conduct assessments on whether comparison sites need an AFSL, and depending on the assessment, help them apply for AFSLs.
In our experience, the vast majority of comparison websites require an AFSL (or authorisation under an appropriate AFSL).
Feel free to get in contact to arrange a free 30 minute consultation.
Author: Paul Derham
Co-contributor: Chris Wallace