Document ID: chunk:federal_register_of_legislation:C2025C00185:section:912a:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 912A (pt 1/4)
Character Range: 3660649–3663619

912A  General obligations

General obligations
 (1) A financial services licensee must:
 (a) do all things necessary to ensure that the financial services covered by the licence are provided efficiently, honestly and fairly; and
 (aa) have in place adequate arrangements for the management of conflicts of interest that may arise wholly, or partially, in relation to activities undertaken by the licensee or a representative of the licensee in the provision of financial services as part of the financial services business of the licensee or the representative; and
 (b) comply with the conditions on the licence; and
 (c) comply with the financial services laws; and
 (ca) take reasonable steps to ensure that its representatives comply with the financial services laws, except to the extent that:
 (i) those representatives are persons who carry on a business of providing goods or services to persons insured under insurance products in satisfaction of the liability of the insurers under those products; and
 (ii) the financial services laws relate to the provision of claims handling and settling services by those representatives; and
 (cb) comply with the law of each host economy for an Australian passport fund, if the licensee is:
 (i) the operator of the fund; or
 (ii) a person (other than a regulator) who has functions or duties in relation to the fund under the Passport Rules for this jurisdiction; and
 (cc) comply with the Reference Checking and Information Sharing Protocol; and
 (d) subject to subsection (4)—have available adequate resources (including financial, technological and human resources) to provide the financial services covered by the licence and to carry out supervisory arrangements; and
 (e) maintain the competence to provide those financial services; and
 (f) ensure that its representatives are adequately trained (including by complying with the CPD provisions), and are competent, to provide those financial services; and
 (g) if those financial services are provided to persons as retail clients:
 (i) have a dispute resolution system complying with subsection (2); and
 (ii) give ASIC the information specified in any instrument under subsection (2A); and
 (h) subject to subsection (5)—have adequate risk management systems; and
 (j) comply with any other obligations that are prescribed by regulations made for the purposes of this paragraph.

Dispute resolution system
 (2) To comply with this subsection, a dispute resolution system must consist of:
 (a) an internal dispute resolution procedure that:
 (i) complies with standards, and requirements, made or approved by ASIC in accordance with regulations made for the purposes of this subparagraph; and
 (ii) covers complaints against the licensee made by retail clients in connection with the provision of all financial services covered by the licence; and
 (c) membership of the AFCA scheme.
 (2A) ASIC may, by legislative instrument, specify information that financial