Our Information Sheets in our Document Library have quick guides to common issues. Consumer tips and case examples are included.
Our Glossary explains the meaning of technical terms used in tips and cases.
From the 15 March 2021, all financial advisers must be engaged by a licensed Financial Advice Provider (FAP) to provide financial advice on behalf of the FAP.
All FAPs are required to provide disclosure statements on their websites, or if they do not have a website, provide a disclosure statement on request from the public. Public disclosure documents must include details of their complaint process and contact details of their Dispute Resolution Scheme.
You can check if your Financial Advice Provider is a member of the IFSO Scheme here.
Provide full, accurate information to your adviser
Advisers make recommendations about insurance, money, investments or borrowing from the information you provide. If you don’t provide all the information the adviser asks for, even if you don’t think its relevant, they won’t be able to give you the best advice.
Keep and read all documents from your adviser
Before you sign a contract or application for a policy, make sure you read and understand them. The documents the adviser gives you will help you make decisions about financial products and services.
Ask your adviser about fees or charges
Financial advisers are either paid directly by a fee from their client, or by commission from a product provider (i.e. insurance company, fund manager or bank). Ask your adviser to explain how their fees work. Sometimes, fees apply if you stop working with an adviser, or change or cancel a product, e.g. paying off a loan early.
Ask your adviser to explain how each product works before making decisions
It is your adviser’s job to give you all the advice and information you need to make informed decisions. Your adviser will set out the reasons for his or her advice to you in writing. Make sure you read it and ask any questions if you don’t understand anything.
Keep asking questions until you fully understand
Advisers specialise in the products or services. They should be able to answer your questions or find out the information for you. Your choices are your own, but you need to understand enough about the products and services to be confident to make the right choices.