There are rules defining how financial advisers should deal with their clients. These include:

• Corporations Act 2001
• Australian Securities and Investments Commission’s (ASIC) regulatory guides about minimum standards of behaviour
• Financial Planning Association of Australia’s Rules of Professional Conduct.

Your financial adviser is required to:

• know their client
• know the financial product they are promoting
• give appropriate advice
• make statutory disclosures.

If you’ve suffered loss as a result of negligent financial advice from a financial planner or financial institution you may be entitled to compensation.