ASIC financial adviser exam, Licensing, authorised representatives and professional standards question: purposes of the Corporations Act

ASIC examLicensing, authorised representatives and professional standards

Ravi, a provisional relevant provider at Kingfisher Advice, is supervised by two relevant providers, Alana and Ben. At a meeting that Ben attends but Alana does not, Ravi gives Mr Osei, a retail client, oral personal advice to switch A$120,000 into a different managed fund. For the purposes of the Corporations Act, that advice is taken to have been provided by…

A Ravi alone: he gave the advice and he is a relevant provider
B Kingfisher, which is deemed to give the advice of its provisional providers
C Ravi together with Ben, the supervisor who attended
D each person who is Ravi's supervisor when the advice is given

Show the answer and explanation

Answer: D. each person who is Ravi's supervisor when the advice is given

Section 921F(5) of the Corporations Act 2001 (compilation 19 Sep 2026) provides that personal advice a provisional relevant provider gives a retail client about a relevant financial product is taken to have been provided by each person who is, at that time, a supervisor of the provisional relevant provider, instead of by the provisional relevant provider. Alana and Ben are both supervisors, so the advice is theirs, whether or not Alana was in the room; that is why s921F(6) requires clients to be told each supervisor's name. Ravi spoke, but the deeming rule moves the advice away from him. Kingfisher may still be responsible to Mr Osei for its representatives' conduct under s917B, but that is a different rule from who is taken to have advised. Attendance at the meeting is not the test, and Ravi is replaced, not joined.

Common mistake

The intuitive answer is the person who spoke; s921F(5) moves the advice to every supervisor.

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