Financial Services Guide — What It Is & What Should Be Included

A Financial Services Guide (FSG) is a plain-language disclosure document designed to help you decide whether to use a financial firm or adviser. It explains how they are paid, how complaints are handled, and how to obtain written advice. If you're about to meet an adviser or receive product-related recommendations, an FSG is one of the first documents you should read—it quickly flags fees, conflicts and how to resolve problems.

What is a Financial Services Guide?

An FSG is a consumer-facing disclosure required under the Australian financial services framework to promote informed decision-making and transparency. Its primary roles are to:

• Tell you who is providing the advice or services (the licensee and representative)
• Explain the services offered (personal advice, general advice, product distribution)
• Disclose how advisers are paid and any conflicts of interest
• Describe the internal and external dispute resolution process
• Provide contact information and how to obtain a Statement of Advice (SOA) or additional documents

Think of the FSG as the "shopfront" disclosure for financial services: it isn't the detailed advice you will receive later, but it lets you quickly compare advisers and spot potential concerns before engaging. It complements other documents such as a Statement of Advice (SOA) and a Product Disclosure Statement (PDS).

Who must give an FSG and who receives one?

Firms that hold an Australian financial services licence (licensees) and their authorised representatives must provide an FSG to potential retail clients. Key points:

• Licensees and their authorised representatives must ensure retail clients receive an FSG. Retail clients are individuals or small entities acquiring financial services for personal, household or small business purposes.
• Corporate clients or sophisticated investors may not always receive an FSG if they fall outside the "retail" definition, but best practice is to provide clear disclosure regardless of client type.
• An adviser acting under a licensee's authority must identify whether they are an authorised representative and include the licensee's contact details and licence number.

When you read adviser profiles or firm websites, look for the licensee name, representative status, and a statement that an FSG is available—these show the firm recognises its disclosure obligations. For regulator guidance on FSGs and related disclosure obligations, see ASIC's page on financial services guides.

When must you get an FSG?

Timing and delivery rules are straightforward: you must be given an FSG before any financial services are provided, or as soon as practicable if the first contact occurs earlier.

• Delivery timing: The FSG should be provided before any service is provided—for example, before the first advice appointment or before any transaction is arranged.
• If an adviser calls you first, they should provide the FSG at the initial meeting or send it by email shortly after first contact.
• Electronic delivery: An FSG can be given in person, by post, or electronically (email or downloadable PDF). If provided electronically, it must be accessible and in a format you can keep or print.
• If you don't receive one: ask the adviser for their FSG immediately, request to receive it by email, and keep a copy. If it's refused or not provided, note the date and nature of the contact and consider raising the issue through the firm's complaints process or external dispute resolution.

If you want to compare advisers quickly, ask for their FSGs before the meeting so you can review fee, conflict and complaints information in advance.

What information must an FSG include?

An FSG must be clear and concise. The required content typically includes:

Identity and contact details

The licensee's name and contact details, and whether the adviser is an authorised representative. Example: "We are authorised by [Licensee Name]. Contact us at [phone] or [email]."

Services offered

A plain list of the services provided (financial product advice, credit activities, arranging), including whether advice will be personal or general. Example: "We provide personal financial advice on retail managed investments, superannuation, and life insurance."

Remuneration and fees

How the firm and its representatives are paid: fees, commissions, ongoing platform fees, referral arrangements, and estimated examples where possible. Example: "We charge a fixed advice fee of $X–$Y for preparing a SOA. We may receive commissions from product providers."

Conflicts of interest and associations

Any ownership, referral relationships, related entities, or conflicts of interest that could influence advice.

Dispute resolution procedures

Internal complaints process and contact details, and external dispute resolution scheme membership (such as AFCA). Example: "If you are not satisfied, contact our Complaints Officer on [phone]. If unresolved, you may escalate to AFCA."

Professional indemnity and compensation arrangements

Summary of professional indemnity insurance covering the services provided.

How to obtain written advice and other documents

Explanation that you can request a written Statement of Advice for personal advice and where to find Product Disclosure Statement documents.

How payments are taken

Methods for paying fees (direct debit, credit card, invoice), billing frequency, and any arrangements for third-party payments.

Privacy and confidentiality

How client information is handled and a note about privacy policy access.

Contact details and licensee information

Full contact details of the licensee, the adviser, and business hours.

Common FSG headings to scan quickly: "Who we are," "What services we offer," "How we are paid," "Complaints procedure," and "Professional indemnity insurance." If any of these headings are missing or vague, treat it as a red flag.

How to read an FSG: a consumer checklist

Use this checklist when evaluating an FSG or comparing advisers. Keep it handy before meetings.

• Confirm identity: Does the FSG show a licensee name and contact details?
• Representative status: Is the adviser an authorised representative and is that stated clearly?
• Services listed: Are the specific services you need (superannuation advice, personal loans) in scope?
• Fee transparency: Are fees and commissions explained with examples (dollar figures or ranges)?
• Conflicts and referrals: Are referral fees, related-party arrangements or product shelf restrictions disclosed?
• Complaints pathway: Is the internal complaints procedure and AFCA membership clearly stated?
• PI insurance: Is professional indemnity insurance confirmed for current and past representatives?
• Delivery timing: Was the FSG provided before advice or service began?
• Red flags: vague language like "may receive commissions," missing licensee name, no complaint contact, or "contact us for details" in key sections.
• Retain a copy: Keep the FSG, any written advice (SOA), and Product Disclosure Statement for future reference.

If you spot red flags, ask specific questions: "How much would this advice cost in dollars?" or "Which product providers do you receive commissions from?" You can compare advisers by asking each for their FSG and checking answers against the checklist.

How an FSG differs from a Statement of Advice and a Product Disclosure Statement

Financial Services Guide (FSG)

Purpose: Initial disclosure about firm, services, fees, conflicts, complaints. Timing: Before services are provided. Content: High-level; how to get written advice and complaint information.

Statement of Advice (SOA)

Purpose: Written record of personal advice tailored to you. Timing: When personal advice is given and it is significant or ongoing. Content: Client's situation, basis of advice, recommendations, costs, benefits, and risks.

Product Disclosure Statement (PDS)

Purpose: Product-level disclosure from a product issuer (funds, insurance, super). Timing: When a product is recommended or offered. Content: Product features, fees, costs, risks and cooling-off rights.

In short: the FSG tells you about the adviser; the SOA is the adviser's tailored advice to you; the PDS explains specific product details.

Remuneration, conflicts and disclosure—what to look for

Understanding remuneration is central to assessing conflicts of interest.

Common remuneration models

• Fee for service: fixed or hourly fees paid by you.
• Ongoing advice fees: regular fees for ongoing service and review.
• Commissions: upfront or ongoing payments from product issuers.
• Referral fees: payments to introducers for sending clients.
• Performance-linked fees: rare for retail advice, high conflict potential.

What "conflicted remuneration" means

Practices that could influence advice (commissions, volume rewards, exclusive product panels). FSGs must disclose these arrangements.

What good disclosure looks like

Clear dollar examples (e.g., "Advice fee $1,500–$1,000"), percentage ranges, and named product providers if commissions apply. Statements such as "We do not accept volume-based incentives" or "We receive a 0–3% commission from XYZ product issuers" show transparency.

Examples of problematic wording include "Fees charged as agreed" (too vague) and "We may receive commissions from product providers" (ask for specifics). Advisers should explain how remuneration affects recommendations and how they manage conflicts (independence policies, restricted product lists, or independent review).

If something goes wrong: complaints and dispute resolution

If you believe advice was misleading, inappropriate, or you were not given required disclosure, follow these steps:

Internal complaint

Raise the issue with the firm's complaints officer in writing. Include dates, names, and copies of the FSG, SOA and any PDS. Firms typically acknowledge a complaint quickly and aim to resolve it within their published timeframes (often 30 calendar days).

External dispute resolution—AFCA

If unresolved, escalate to AFCA. AFCA handles disputes between consumers and financial firms. Keep records: FSG, SOA, PDS, emails, meeting notes, and transaction receipts.

Report to the regulator—ASIC

For serious misconduct, you can report to ASIC. ASIC also publishes guidance on giving financial product advice.

Expected timelines and documentation

Internal responses often have set turnaround times; AFCA will advise on case acceptance and timelines. Maintain a chronological file with copies of the FSG, SOA, PDS, emails, and meeting notes.

Consequences and enforcement for failing to provide a compliant FSG

Regulatory authorities have powers to enforce compliance, including requiring remediation, imposing conditions on licences, and pursuing civil enforcement. Consequences include:

• Enforcement action by the regulator for systemic non-compliance.
• Requirement to compensate affected clients or provide remediation.
• Reputational damage that can affect client retention and future business.

For legislative detail, see the Corporations Act and ASIC regulatory materials.

Practical tips for advisers and licensees

Compliance should be practical and auditable.

Distribution and timing

Ensure FSGs are distributed before service provision; record delivery method (email, print) and date.

Version control

Maintain version numbering, effective dates, and an archive of prior FSGs.

Record keeping

Log which client received which FSG version and when; retain copies for the required retention period.

Digital delivery best practice

Make the FSG downloadable in accessible PDF format, ensure mobile readability, and record email delivery receipts.

Staff training

Train front-line staff and new advisers on when and how to provide FSGs and how to answer basic client queries.

Templates and legal review

Use clear templates, minimal legalese, and periodic compliance review by the licensee or an external compliance officer.

Sample FSG excerpts and templates

Below are anonymised illustrative excerpts. These are examples only and not legal text.

Services offered (example)

"We provide personal financial advice on investments, superannuation, and life insurance. We can arrange products from a selected panel of providers."

Remuneration (example)

"Initial advice fee: $1,500–$1,000 depending on complexity. Ongoing advice fee: 0.5%–1.2% p.a. of account balance. We may receive commissions from product providers (typically up to 3% of the amount invested)."

Complaints (example)

"If you have a complaint, contact our Complaints Manager by email at complaints@example.com. If we can't resolve your complaint within 30 days, you may refer the matter to AFCA."

FAQ

Key takeaways

An FSG is a concise, consumer-facing disclosure that helps you understand who is giving advice, how they are paid, and how to resolve disputes. Before engaging an adviser, read their FSG closely, use the consumer checklist in this guide, and retain copies of all documents (FSG, SOA, PDS). Raise questions about fees, conflicts and complaints promptly. Regulators and dispute resolution schemes provide further guidance and support if needed.

Further reading

• ASIC—Guidance on giving financial product advice
• ASIC—Financial services guides overview
• Moneysmart—Financial Services Guide glossary and consumer guidance
• AFCA—External dispute resolution
• ASIC—For consumers reporting misconduct
• Corporations Act 2001 (Cth)

This article is general information only and is not legal, tax or financial advice.