ASIC has published Information Sheet 282 Unsolicited contact leading to financial advice (INFO 282), which outlines how financial services laws apply to unlicenced entities referring consumers to a third party for the provision of financial advice.
These entities must comply with financial services laws. If they don’t, they risk substantial penalties.
INFO 282 is also relevant to Australian financial services (AFS) licensees and financial advisers that receive consumer details obtained through unsolicited contact.
The publication sets out requirements:
under the law;
when making unsolicited contact; and
when making digital contact.
The release of this information sheet forms part of ASIC’s broader work to minimise consumer harm caused by cold calling business models using high-pressure sales tactics and online click-bait advertisements to lure consumers into receiving often inappropriate superannuation switching advice.