ASIC RG 244 Explained: Factual Information, General Advice and Scaled Advice
7 min read · facts checked 28 Oct 2026
As at 28 October 2026, ASIC Regulatory Guide 244 (Giving information, general advice and scaled advice, issued December 2012, with a note added in December 2021) is ASIC's guidance on the line between factual information, general advice and personal advice, and on scaled advice: personal advice that is limited in scope. Its core message for the exam is that all advice is scaled to some extent, and the best interests duty applies in full whatever the scope (RG 244.59).
Is RG 244 in the exam?
Yes. ASIC's Exam preparation guidance (v6.0, September 2026) lists RG 244 as suggested reading for the financial advice construction area, alongside RG 90, RG 175 and INFO 267 on limited advice. ASIC supplies relevant statutory content with the questions, such as a section of the Corporations Act, but does not say it supplies regulatory guides, so learn RG 244's tests well enough to apply them to a client scenario.
Three kinds of communication
| Factual information | General advice | Personal advice | |
|---|---|---|---|
| What it is | Objectively ascertainable information whose truth cannot reasonably be questioned (RG 244.24) | Financial product advice that is not personal advice (s 766B(4)) | Financial product advice where the provider considered, or a reasonable person might expect them to have considered, one or more of the client's objectives, financial situation and needs (s 766B(3)) |
| AFS licence needed? | No (RG 244.25) | Yes, unless an exemption applies (RG 244.37) | Yes, unless an exemption applies |
| Main duties | Do not imply a recommendation; say it is factual information where there is a reasonable likelihood of doubt (RG 244.30) | A general advice warning, given at the same time and by the same means as the advice (s 949A) | The best interests duty and related obligations (ss 961B–961J) and, unless an exception applies, a Statement of Advice (s 946A) |
Financial product advice itself is a recommendation or statement of opinion that is intended, or could reasonably be regarded as intended, to influence a decision about a financial product or class of products (s 766B(1); RG 244.27).
Holding information is not the test
- Having personal information does not by itself make advice personal. You can use what you know about a client to choose relevant factual information or general advice (RG 244.33–244.34 and 244.46–244.47).
- Using it to shape the advice does. If you actually consider the client's relevant circumstances when you prepare general advice, you are giving personal advice, and a general advice warning cannot change that (RG 244.47).
- ASIC's no-action position on general advice chosen with personal information applies only if you do not in fact consider the client's relevant circumstances and the client is unlikely to expect that you have (RG 244.48–244.49).
- A detailed online questionnaire that leads the user to a fund recommendation is personal advice even with a general advice warning on the page, because the user would expect their answers to have been considered (RG 244, Example C4).
The general advice warning
General advice to a retail client needs a warning that it was prepared without taking account of the client's objectives, financial situation or needs, that the client should consider whether it is appropriate before acting, and, if it relates to acquiring a particular product, that they should obtain and consider the PDS (s 949A(2)). You can use your own words, but the warning must come at the same time and by the same means as the advice (RG 244.39). ASIC relief allows a shorter oral warning, given once in a phone call or meeting (RG 175.40–175.41).
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Scaled advice: five rules from RG 244
- All advice is scaled to some extent. There is one continuous spectrum, not two categories called scaled and comprehensive advice (RG 244.59(a)).
- The same rules apply whatever the scope. Scaled advice is not lesser quality advice, and the best interests duty and related obligations apply in full (RG 244.54 and 244.59(b)).
- The adviser decides the scope. Either the adviser or the client can suggest limiting it, but the adviser must use judgement and set a scope consistent with the client's relevant circumstances and the subject matter they asked about (RG 244.65).
- Inquiries can be scaled too. The note to s 961B(2) anticipates scaled advice with inquiries tailored to the advice sought: simple circumstances need limited inquiries, complex ones more (RG 244.71–244.72). Where information is reasonably apparent to be incomplete or inaccurate, you must still make reasonable inquiries (s 961B(2)(c); RG 244.70).
- You cannot contract out. Telling the client you will not take a step does not remove the duty, although being clear about the scope of the advice is not contracting out (RG 244.83).
Telling the client what is in and out of scope
ASIC's review of retirement advice (REP 279) found clients who thought they were getting far more than they were (RG 244.88). So you must explain what advice is and is not being given, and the implications, in a way a reasonable person would understand, including in the SOA (RG 244.89). You need not list every topic left out, but you must explain any topic you are not covering if it is relevant to the client and within the subject matter they asked about (RG 244.90). ASIC considers advice unlikely to meet the best interests duty if the client does not understand its limitations (RG 244.92).
The better-position test
ASIC asks whether a reasonable advice provider would believe the client is likely to be in a better position if they follow the advice (RG 244.63; RG 175.164). Advice that recommends no product, including advice to do nothing, can meet that test (note to RG 244.63).
Worked example
Original example, not an exam question. Mia, 52, asks her adviser only whether to put an extra A$10,000 into super this year. During the meeting she mentions A$18,000 owing on a credit card at 21% a year and plans to retire in about three years.
- Can the advice be this narrow? Yes. Advice on a single issue can be scaled advice (RG 244.65).
- Can the adviser ignore the card? No. Whether to clear expensive debt before adding to super goes to the very question Mia asked, so the debt is part of her relevant circumstances (s 961B(2)(b)(ii)). Scoping it out would be setting a scope that does not fit her circumstances (RG 244.65).
- What goes in the SOA? What the advice covers, what it does not cover and why, and what that means for Mia, in words she would understand (RG 244.89–244.90).
- What would ASIC ask? Whether a reasonable adviser would believe Mia is likely to be better off following the advice (RG 244.63). Advice to clear the card first, with no product recommended, can pass that test.
Traps the exam sets
- "It carried a general advice warning, so it was general advice." Not if the client's circumstances were considered, or a reasonable person would expect them to have been (s 766B(3); RG 244.47).
- "Scaled advice is held to a lower standard." No. The same rules apply to all personal advice on a topic (RG 244.59).
- "The client agreed the scope, so anything outside it can be ignored." Not if the excluded matter is relevant to the subject matter the client asked about (RG 244.83 and 244.90).
- "Good advice must recommend a product." No. Advice to do nothing can leave the client better off (note to RG 244.63).
Quick check
4 questionsAnswer each one before you tap to see the answer and why. All are from the practice bank.
- 1easyScenario
Ellie, a relevant provider, agrees to advise Sam, 29, only on his income protection needs. At their first meeting Sam says he is glad she is 'finally looking at everything', including his super and his car loan. Under RG 244, Ellie must…
- A take reasonable steps to explain the limited scope clearly to Sam
- B give Sam a general advice warning as well as the Statement of Advice
- C get Sam's written agreement to the scope before she gives any advice
- D refer each excluded topic to another adviser at the same time as advising
Show the answer
Answer: A. take reasonable steps to explain the limited scope clearly to Sam
Answer: take reasonable steps to explain the limited scope clearly to Sam. His comment shows he expects comprehensive advice.Why not the others:• give Sam a general advice warning as well as the Statement of Advice: a general advice warning belongs to general advice, not personal advice.• get Sam's written agreement to the scope before she gives any advice: written agreement is not required and would not fix his misunderstanding.• refer each excluded topic to another adviser at the same time as advising: referral may suit an important topic, but it is not required for every exclusion.Watch out: Sam's belief that she is 'finally looking at everything' is the misunderstanding ASIC found in REP 279 (RG 244.88).Rule: The advice provider must take reasonable steps to explain the limited scope clearly, including what will not be considered, so that a reasonable person would understand the limits; it is good practice to say why. The SOA must also set out the basis of the advice (s947B(2)(b)).Source: ASIC RG 244 Giving information, general advice and scaled advice (Dec 2012, updated Dec 2021), Table 2, RG 244.85-244.90; Corporations Act 2001 (Cth) s947B(2)(b) (compilation No. 149, 19 Sep 2026)
- 2mediumRecall
Leo, 40, asks Hamish, a relevant provider, for advice on a single question about his super. Under RG 244, Hamish should keep in mind that … (i) all advice is scaled to some extent, along a spectrum from narrow to comprehensive. (ii) scaled advice may be held to a lower quality standard than comprehensive advice.
- A (i) True, (ii) True
- B (i) True, (ii) False
- C (i) False, (ii) True
- D (i) False, (ii) False
Show the answer
Answer: B. (i) True, (ii) False
Answer: (i) True, (ii) False. All advice sits somewhere on a spectrum of scope, but the same rules apply whatever the scope.(i) True. RG 244.59(a) says all advice is scaled to some extent, along a continuous spectrum; there are not two categories called 'scaled' and 'comprehensive'.(ii) False. RG 244.59(b) says the same rules apply to all personal advice on the same topic, whatever its scope, and scaled advice does not mean lesser quality advice.Rule: The best interests duty in s961B applies in full to scaled advice; only the inquiries are tailored to the subject matter (note to s961B(2)).Source: ASIC RG 244 Giving information, general advice and scaled advice (Dec 2012, updated Dec 2021), RG 244.59; Corporations Act 2001 (Cth) s961B(2) and note (compilation No. 149, 19 Sep 2026)
- 3mediumRecall
Lena, a relevant provider, gives Marco, 34, scaled advice on whether to increase his salary sacrifice. She advises him to change nothing until he has cleared a A$9,000 car loan. A compliance reviewer says the advice fails because no product was recommended. Under RG 244, ASIC would test Lena's advice by asking whether…
- A the advice recommended at least one financial product to Marco
- B Lena completed a comprehensive fact-find before narrowing the scope
- C Marco signed a form agreeing to the limited scope of the advice
- D a reasonable adviser would expect Marco to be better off following it
Show the answer
Answer: D. a reasonable adviser would expect Marco to be better off following it
Answer: a reasonable adviser would expect Marco to be better off following it. That is the test ASIC applies in RG 244.63, whether or not a product is recommended.Why not the others:• the advice recommended at least one financial product to Marco: the note to RG 244.63 says advice that is not product specific, including advice to do nothing, can leave a client better off (also RG 175.173(d)).• Lena completed a comprehensive fact-find before narrowing the scope: inquiries are scaled to the subject matter, so a comprehensive fact-find is not required (RG 244.71-244.72).• Marco signed a form agreeing to the limited scope of the advice: a signed scope form does not show compliance, and an adviser cannot contract out of the duty (RG 244.83).Rule: In assessing the s961B best interests duty, ASIC considers whether a reasonable advice provider would believe the client is likely to be in a better position by following the advice, so the reviewer is wrong.Source: Corporations Act 2001 (Cth) s961B (compilation No. 149, 19 Sep 2026); ASIC RG 244 Giving information, general advice and scaled advice (Dec 2012, updated Dec 2021), RG 244.63, 244.71-244.72, 244.83; ASIC RG 175 AFS licensing: Financial product advisers—Conduct and disclosure (issued 21 Nov 2024), RG 175.173(d)
- 4mediumScenario
At a free community seminar on retirement run by Lakeview Advice, an attendee, Rosa, tells the presenter, a relevant provider, that she is 61, has A$310,000 in super and wants to stop work next year. She asks whether she should move into a balanced option. The presenter replies, 'In your position I'd switch to balanced.' The reply is BEST described as…
- A general advice: it was given at a public seminar to someone who was not yet a client
- B general advice, provided the seminar handouts carried a general advice warning
- C not financial product advice: no particular fund or product issuer was named
- D personal advice: a reasonable person would expect her situation to be considered
Show the answer
Answer: D. personal advice: a reasonable person would expect her situation to be considered
Answer: Personal advice: a reasonable person would expect her situation to be considered. The presenter answered Rosa's own question about her age, balance and retirement plans with 'In your position', so a reasonable person would expect her circumstances to have been considered.Why not the others:• general advice: it was given at a public seminar…: Most seminar content is general advice, but the setting does not decide the character of a one-to-one answer, and Rosa need not be an existing client.• general advice, provided the seminar handouts…: A general advice warning is a disclaimer, and a disclaimer does not change the legal outcome.• not financial product advice: no particular fund…: Advice about switching investment options in her fund is still financial product advice: s766B(1) covers decisions about a class of products or an interest in a product, whether or not an issuer is named.Rule: Under s766B(3), advice is personal advice if the provider considered one or more of the person's objectives, financial situation and needs, or a reasonable person might expect the provider to have considered them.Source: Corporations Act 2001 (Cth) ss766B(1), 766B(3) (compilation No. 149, 19 Sep 2026)
Our study notes cover scaled advice and advice documents and personal advice, general advice and retail clients, and the RG 175 guide covers the rest of ASIC's conduct and disclosure guidance. Our free financial adviser practice exam is a timed mock of 20 original questions in 30 minutes across all three areas, mostly on client scenarios. You can try 5 questions with no sign-up, each marked with a worked answer; the full timed mock needs a free account.
Sources (checked 28 Oct 2026)
- ASIC RG 244 Giving information, general advice and scaled advice (December 2012, note added December 2021)
- ASIC RG 175 AFS licensing: Financial product advisers—Conduct and disclosure (November 2024)
- Corporations Act 2001 (Cth), ss 766B, 946A, 949A and 961B–961Q (Compilation No. 149, 19 September 2026)
- ASIC: Financial adviser exam: Exam preparation guidance, version 6.0 (September 2026)
Adviser Exam Prep is an independent study aid for candidates sitting the financial adviser exam. It is not affiliated with, endorsed by or connected to the Australian Securities and Investments Commission (ASIC), the exam's administrator or any AFS licensee. "ASIC" is used only to describe the exam. All questions are original practice material, not past or live exam questions, and nothing on this site is financial advice.
Frequently asked questions
What is ASIC RG 244?
Regulatory Guide 244, Giving information, general advice and scaled advice (December 2012, note added December 2021). It explains the difference between factual information, general advice and personal advice, and how to meet the best interests duty when giving scaled advice. It is suggested reading for the financial adviser exam (ASIC Exam preparation guidance v6.0).
What is scaled advice?
Personal advice that is limited in scope. RG 244 says all advice is scaled to some extent, along one spectrum, and the same rules, including the best interests duty, apply whatever the scope (RG 244.59).
Does a general advice warning make advice general advice?
No. If the provider considered one or more of the client's objectives, financial situation and needs, or a reasonable person might expect them to have, it is personal advice, and a warning cannot change that (Corporations Act s 766B(3); RG 244.47).
More guides
- ASIC RG 175 Explained: Conduct and Disclosure Rules for Financial Advisers
- The Best Interest Duty (s 961B) and the Safe Harbour Steps, Explained for the Exam
- Statement of Advice Requirements: What an SOA Must Contain, and When a Record of Advice Will Do
- How to Answer Financial Adviser Exam Case Study Questions (with a Worked Example)
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