⭐​ Opex Solution | Opex advice framework review

Our framework...

Our solutions are all about providing your licensee a robust advice framework to help meet legislative obligations when providing advice. To ensure we hit the brief, we get our core advice solutions independently reviewed by lawyers, Cowell Clarke Commercial Lawyers.

Of course, your licensee is always going to be responsible for defining the specifics of your compliance requirements and how to meet them, but it's always reassuring to know the framework we've built our solutions around - and that you're using to construct your advice - gets reviewed and approved by external professionals.

Here's what they said...


The Opex Documents are reviewed by Cowell Clarke Commercial Lawyers when required, which may include when there is legislative change, material amendments made by Opex for aesthetic appeal, and/or to assist in productivity gains.

The last formal review, performed on 23rd December 2020, determined that the Opex Documents provide a framework which, if properly used by financial advisers, will assist a financial adviser in discharging the following obligations:

  • the content obligations for a SOA, imposed under Part 7.7, Subdivision D of the Act;
  • the content obligations for a ROA, imposed by sections 946B, s.947D and
  • regulation 7.7.09 of the Corporations Regulations 2001 (Cth) (the Regulations);
  • the content obligations for a FDS imposed by section 962H of the Act; and
  • the best interests duty in section 961B of the Act.

However, whether these obligations are in fact complied with will ultimately depend on the conduct of the adviser which will include, but not be limited to, the quality of information collected (both from the client and otherwise) and the recommendations made by the adviser.

Templates reviewed include the SOA, ROA, Fact Find, FDS, Review Report, and Letter of Engagement. The review of the Enhanced FDS template was subsequently performed (post changes) on 26th March 2021, where it was found to assist a financial advice practice with discharging disclosures obligations (limited to those relating to the OFA & FDS provisions due to commence on 1 July 2021) in the Corporations Act 2001 (Cth).

Legal responsibility for any obligations pertaining to the provision of financial advice cannot be discharged onto Opex Consulting. In addition, where a Licensee holds a disparate interpretation of any obligations, changes to these templates can be made by Opex upon request.

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