AI enforcement recommendations on the horizon
04 December 2024 – The Financial Services Union (FSU) has backed a Senate Select Committee who are informing the Federal Government on addressing the risks of the increased use of Artificial Intelligence (AI). The Committee not only laid out their opinion on legislative and regulatory action points but also the safer promotion of AI technologies. The FSU supported the 12 recommendations provided. Read more here.
A reminder to AFSL holders providing personal advice to retail clients – the ongoing fee arrangements take effect for agreements entered into on or after 10 January 2025. Details are outlined in ASIC Info Sheet 286. Please refer to our previous RegsWeb communication for further details:
ASIC has also released new and updated guidance in response to the Delivering Better Financial Outcomes and Other Measures) Act 2024 (DBFO Act). This includes updated information sheets and regulatory guides related to FSGs, revised advice fee obligations, and conflicted remuneration. Some changes are already in effect, while others will come into force on 10 January 2025.
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