Australian Financial Services Licensing (AFSL) Forum

Home Forums Australian Financial Services Licensing (AFSL) Forum Fee Disclosure Statement issuance delay

This topic contains 1 reply, has 2 voices, and was last updated by  Jesse Vermiglio 5 years ago.

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #4903 Reply

    LA

    What is the likely repercussions to an adviser overlooking two of his clients in regards to his duties to issue Fee Disclosue Statement on time? He issued them two months late, that is he issued them two months after the 30 day window had already closed……

    #4905 Reply

    Hello,

    Thank you for your question.

    Generally, the consequence for failing to provide a client a Fee Disclosure Statement (FDS) is that the ongoing fee arrangement may terminate and an adviser can no longer charge an ongoing fee. This result is not avoided by providing the FDS to the client after the required time. However, this consequence may not be the case in particular circumstances and given the technical nature of the FDS provisions, we recommend that you seek legal advice in relation to your particular situation.

    Please feel free to contact our Financial Services Team if you require any further assistance.

    Authors: Jesse Vermiglio (Senior Lawyer) and Tamara Cherny (Law Clerk)

Viewing 2 posts - 1 through 2 (of 2 total)

Reply

Reply To: Fee Disclosure Statement issuance delay

Your information:


<a href="" title="" rel="" target=""> <blockquote cite=""> <code> <pre> <em> <strong> <del datetime=""> <ul> <ol start=""> <li> <img src="" border="" alt="" height="" width="">

  • Free answers to common Financial Services Regulation (FSR), Consumer Credit and AML/CTF issues.

    Click here to join our LinkedIn group for responsible managers and compliance professionals.
    joinUsOnLinkedIn
  • Training

    Regulatory Compliance Training for Directors, Responsible Managers and Compliance Staff

    View Courses

  • Legal Advice

    Review your AFSL or ACL disclosure documents, conduct a licensee audit and more…

    Get Legal Advice

  • Compliance support

    The HN Hub – an online platform built to support Responsible Managers and Compliance Staff

    More