ASIC expects AFS Licensees and Authorised Representatives to ensure that all information disclosed on relevant public documents, marketing materials and websites is not misleading or deceptive.
ASIC has been conducting regular spot checks and imposing fines on licensees who are in breach of this general obligation.
Accordingly, it is now prudent to ensure that all your website materials are compliant. Guildfords provides the following guidelines to assist in understanding the requirements mandated by Chapter 7 of the Corporations Act, and how a Website Review can help you.
4C’s to ensure Compliance
In order to ensure compliance, it is imperative that all information disclosed on the licensee and AR‘s websites is Correct and presented in a Clear, Concise and Consistent manner.
The following checklist provides a high-level guide to ensuring compliance.
What to include
Relevant disclaimers and warnings
Legal name of the brokerage
The brokerage’s AFSL or AR details
ACN/ABN of related entities
Link to privacy statement
Copyright information
Details of how to obtain further information
What to avoid
Reckless use of certain terms and phrases such as “free”, “guaranteed” and “low cost”
Inclusion of restricted words listed in section 923A (1) of the Corporations Act 2001, such as ‘independent’, ‘impartial’ and ‘unbiased’
Inclusion of restricted words listed in section 923B (1) of the Corporations Act 2001, such as ‘stock broker’, ‘sharebroker’, ‘futures broker’, ‘insurance broker’, etc., (exceptions are made in special cases)
General things to note
Information should be clear and easy to follow
Tone should not undermine the importance of risks
Text should effectively convey key information upon first viewing
Information must be consistent with the disclosure documents
CBS in conjunction with Guildfords can assist by reviewing your AR’s website and any linked documents (FSG, PDS, Privacy, Disclaimers) for compliance with ASIC and Broker Network requirements under s923 Corporations Act (2001).