ASIC has updated Regulatory Guide 175 Licensing: Financial product advisers—conduct and disclosure (RG 175) to confirm previously announced restrictions on the use of terminology that implies independence, such as ‘independently owned’, ‘non-aligned’ and ‘non-institutionally owned’ which are restricted under the Corporations Act 2001 (Cth).

Financial services providers can only use these terms if they meet the requirements set out in section 923A of the Act, including that they do not receive commissions, volume-based payments, or other gifts or benefits, and operate without any conflicts of interest.

See ASIC’s media release dated 14 November 2017.