The Australian Securities and Investments Commission is seeking feedback on plans to update its conflict of interest management guidance.

It says the proposed changes will align Regulatory Guide 181 with developments in law and policy.

RG 181 applies to all Australian financial services licensees.

ASIC has issued a consultation paper with seven proposals and questions, and feedback is due by September 5.

The proposals include updated guidance on types of conflict a licensee should consider, and guidance stating the conflict management obligation is intended to apply to all conflicts of interest unless wholly outside the financial services business of a licensee or its representatives.

Another change relates to how the obligation operates with a licensee’s other legal requirements.

There are also proposals around adequate arrangements to manage conflicts.

ASIC plans to update guidance “to outline a more holistic and nuanced approach that ... licensees can adopt to effectively manage their conflicts, consistent with existing legal principles and policy”.

Find information here.