All communication needs to satisfy the requirements of Regulation 7.1.29(5) of the corporations act.
New Brighton Capital (NBC) does not hold an Australian Financial Services Licence (AFSL) and is not an authorised rep of an AFSL holder so we cannot provide financial advice under the Act. Section 5 of Regulation 7.1.29 of the Corporations Act allows a provider like us to offer our services under strict conditions listed below...
(5) For this regulation, a person also provides an exempt service if:
(a) the person provides advice in relation to the establishment, operation, structuring or valuation of a superannuation fund, other than advice for inclusion in an exempt document or statement; and
(b) the person advised is, or is likely to become:
(i) a trustee; or
(ii) a director of a trustee; or
(iii) an employer sponsor; or
(iv) a person who controls the management;
of the superannuation fund; and
(c) except for advice that is given for the sole purpose, and only to the extent reasonably necessary for the purpose, of ensuring compliance by the person advised with the SIS Act (other than paragraph 52(2)(f)), the SIS Regulations (other than regulation 4.09) or the Superannuation Guarantee (Administration) Act 1992 --the advice:
(i) does not relate to the acquisition or disposal by the superannuation fund of specific financial products or classes of financial products; and
(ii) does not include a recommendation that a person acquire or dispose of a superannuation product; and
(iii) does not include a recommendation in relation to a person's existing holding in a superannuation product to modify an investment strategy or a contribution level; and
(d) if the advice constitutes financial product advice provided to a retail client, then the advice includes, or is accompanied by, a written statement that:
(i) the person providing the advice is not licensed to provide financial product advice under the Act; and
(ii) the client should consider taking advice from the holder of an Australian Financial Services Licence before making a decision on a financial product.
NBC can provide factual information about SMSFs.
Factual information or advice?
What is factual information?
RG 244.24 Factual information is objectively ascertainable information, the truth or accuracy of which cannot reasonably be questioned: see RG 36.21. Good quality factual information can often be useful for clients wishing to better understand the financial products or strategies available to them.
RG 244.25 You do not need to hold an AFS licence to give factual information to clients. Note: For further discussion about the difference between factual information and financial product advice, see RG 36. Where necessary, we will be updating the guidance in RG 36 to ensure consistency with this regulatory guide.
What is financial product advice?
RG 244.26 Financial product advice generally involves a qualitative judgement about, or an evaluation, assessment or comparison of some or all of the features of a financial product: see RG 36.18.
RG 244.27 If a communication is a recommendation or a statement of opinion, or a report of either of these things, that is intended to, or can reasonably be regarded as being intended to, influence a client in making a decision about a particular financial product or class of financial product (or an interest in either of these), it is financial product advice: s766B. Note: Giving a recommendation or opinion, or a report of either of those things, which is reasonably necessary as part of handling and settling an insurance claim is not providing financial product advice: see s766B(7A) and Information Sheet 253 Claims handling and settling: How to comply with your AFS licence obligations (INFO 253).
RG 244.28 If you carry on a business in Australia of giving financial product advice that is a financial service, you do need to hold an AFS licence, unless an exemption applies.
Factual information is not general or personal advice
RG 244.29 Factual information may be likely to be advice if it is presented in a way that is intended to, or can reasonably suggest or imply an intention to, make a recommendation about what a client should do: see RG 36.31.
RG 244.30 We will not treat factual information given by you as general or personal advice if:
(a) you clarify at the outset that you are giving the client factual information where there is a reasonable likelihood of doubt; and
(b) the information is not intended to imply any recommendation or opinion about a financial product.
RG 244.31 It is good practice to take reasonable steps to ensure that a client understands upfront that you are providing factual information, and not general or personal advice. This will avoid confusion and help the client to understand what service they are getting. However, if it is clear to the client that you are providing them with factual information, it is unnecessary to clarify that you are giving factual information: see Example 14 in the appendix.
Welcome to New Brighton capital.
Please be aware that this call is being recorded for training and compliance purposes.
Also New Brighton Capital can only provide factual information about our services and SMSFs and any information you receive from us is not intended to imply any recommendation or opinion about a financial product. The team at New Brighton Capital are bookkeepers and accountants, not financial advisors, so we are not licensed to provide financial product advice under the Act. You should consider taking advice from the holder of an Australian Financial Services Licence before making a decision on a financial product.
By continuing with the call you agree to the call being recorded and understand the disclaimer that has just been read to you. Are you ok to proceed?
NBC is unable to communicate in a way that could be considered providing an opinion, recommendation or advice.
Attention to existing and potential clients,
Please do not ask for any opinion, recommendation or advice from the New Brighton Capital team about anything outside of establishing and running an SMSF.
Legally, New Brighton Capital, cannot do anything that can be seen as implying an opinion, recommendation or advice. Our service is tailored to self-directed investors who know how they want to invest their super and are confident in their ability to do so. We look after the accounting side of things. Your investment decisions need to be your own. If you feel you need more information or advice in this area you should consider taking advice from the holder of an Australian Financial Services Licence like a financial planner.
(A) New Brighton Capital is not licensed to provide financial product advice under the Act; and
(B) Taxation is only one of the matters that must be considered when making a decision on a financial product; and
(C) You (the client) should consider taking advice from the holder of an Australian Financial Services Licence before making a decision on a financial product.
New Brighton Capital cannot discuss
- our own investment interests.
- our clients' investment interests.
- anyone else's investment interests.
New Brighton Capital is unable to comment on or mention any world events in government, politics, finance, technology or anything that could lead to a financial interest.
We understand there is a lot going in the the world right now, but legally, we can only discuss factual information relating to setting up and running an SMSF. Anything else is unfortunately outside what we are allowed to discuss as it can be classified as financial advice.
NBC are unable to offer any opinion about the past present or future. This includes any forecasts or opinions about anything regarding local or foreign.
The team at New Brighton Capital has gone to great lengths to simplify the process of establishing and running an SMSF. Everyone has different knowledge and skills in all areas, so we cannot state or imply that any part of establishing or running an SMSF is easy or simple, because it might not be the case for everyone. We can let you know that we have put a lot of time and energy into simplifying the processes and also that if you have any queries along the way that we are here to assist where we can. Implying that something is easy can be classified as misleading.
Do not imply any recommendation or opinion for a client...
- to buy or sell anything
- to alter an existing position
- to modify an investment strategy
- to modify a contribution level
- to establish or wind-up an SMSF
- to switch to another type of super fund
- to transfer assets from any financial asset to another super fund or closing a super fund
- to transfer or rollover funds to the SMSF
- to have their employer cease making SG contributions to another fund and commence making contributions to the SMSF
- to have us provide advice about insurance within a client’s super fund or any other fund
Taken from: GUIDANCE NOTE FOR ADVISING ON SMSFS by CPA Australia
Is salary sacrifice a good idea?
That is for you to decide.
Is an SMSF a good option for me?
That is for you to decide.
Do you think ABCXYZ is the future?
Legally we cannot express an opinion here.It is up to you to decide what to do.
What do most of your clients do?
Legally we cannot disclose that. It is up to you to decide what is right for you.