What are the best tasks?

The duty of interest and associated obligations are designed to ensure that retail clients receive advice that meets their objectives, financial situation and needs, and that you act in the best interests of your clients when providing advice.

What is regulated in the Companies Act?

The Corporations Act 2001 (the Act) provides for the regulation of companies, financial markets and products and services, including in relation to the licensing, conduct, advice and disclosure of financial products.

What does the Corporations Act 2001 do?

The Corporations Act 2001 (Cth) is the main legislation governing business entities (primarily companies) in Australia. It regulates matters such as the incorporation and operation of companies (in connection with a constitution that may be adopted by a company), duties of officers, takeovers and fundraising.

What are the FOFA reforms?

The FOFA reforms aimed to improve the quality of financial advice provided to retail consumers of financial services by reducing conflicts of interest by better aligning the interests of financial advisers and consumers.

If you cannot act in the consumer's best interest in providing them with credit assistance, you must not provide the assistance. If you decline to provide credit assistance, it may be helpful for you to refer the consumer to another mortgage broker who would be better placed to assist them.

Who is a member of a company?

A member is one of the company's owners whose name is entered in the membership book. The members delegate certain powers to the directors of the company to manage the company on their behalf. What is a shareholder? A shareholder is a person who buys and holds shares in a company with a share capital.

What are the duties of directors and officers of a company?

Generally, the board is responsible for making major business and policy decisions, and the officers are responsible for carrying out the board's policies and making day-to-day decisions.

What were the results of future financial advice FOFA?

These reforms included the best interests duty, prohibition of conflicting remuneration, opt-in obligation and changes to ASIC's licensing and prohibition powers.

What is the purpose of FOFA?