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APES 230: FINANCIAL PLANNING SERVICES FACT SHEET Objective APES 230 Financial Planning Services (the Standard) sets out mandatory requirements and guidance for members engaged in the provision of quality and ethical financial planning services. A financial planning service includes advice provided to a client in respect of a client’s personal financial affairs specifically related to wealth management, retirement planning, estate planning, risk management and related advice. Scope and application APES 230 took effect on 1 July 2014, except for its provisions in relation to Professional Fees and Third Party Payments which are effective from 1 July 2015. The Standard requires members in Australia to adhere to its mandatory requirements. For members outside of Australia, the mandatory requirements of APES 230 must be followed to the extent to which they do not contravene specific requirements of local laws and/or regulations. Fundamental responsibilities of members APES 230 requires members to comply with the requirements established in APES 110: Code of Ethics for Professional Accountants and to act in the best interests of their clients. Professional independence APES 230 stipulates that when a member is engaged to provide a financial planning service a member must comply with Professional Independence as defined in this Standard and where applicable must comply with the independence requirements contained in laws and regulations, such as the Corporations Act 2011. Terms of the financial planning service APES 230 requires a member in public practice to document and communicate to the client the terms of engagement to provide the financial planning service in accordance with APES 305: Terms of Engagement and this Standard. APES 230 requires a member to disclose to a client or prospective client in a written form a number of specified terms of engagement and obtain the client’s written agreement to these terms. Professional fees and third party payments APES 230 requires members to charge fees on a fee for service basis or if a member charges fees other than on a fee for service basis it imposes a number of requirements in relation to consent and disclosure. Soft dollar benefits APES 230 prohibits the receipt of soft dollar benefits in relation to a Financial Planning Service unless they are insignificant and their receipt complies with the requirements set out in the Standard. Refer to the Standard for information concerning: • • • • • • • • • • • • • • definitions integrity objectivity and conflicts of interest best interests of the client confidentiality professional appointments marketing the basis of preparing and reporting financial planning advice client’s information, monies and other property professional fees third party payments soft dollar benefits documentation and quality control transitional provisions. Disclaimer The above material is only general in nature and not intended to be specific to the reader’s circumstances. The material does not relieve you of your obligation, as a member of CPA Australia, to ensure that you comply with professional standards. To keep up-to-date members should visit the APESB website at apesb.org.au. Copyright © CPA Australia Ltd (“CPA Australia”) (ABN 64 008 392 452), 2015. All rights reserved. CPA Australia and the author have used reasonable care and skill in compiling the content of these materials. However, CPA Australia makes no warranty as to the accuracy or completeness of any information contained therein nor does CPA Australia accept responsibility for any acts or omissions in reliance upon these materials. These materials are intended to be a guide only and no part is intended to be advice, whether legal or professional. All persons are advised to seek professional advice to keep abreast of any legal or other reforms and developments. To the extent permitted by applicable law, CPA Australia, its employees, agents and consultants exclude all liability for any loss or damage claims and expenses including but not limited to legal costs, indirect special or consequential loss or damage (including but not limited to, negligence) arising out of the information in the materials. Where any law prohibits the exclusion of such liability, CPA Australia limits its liability to the resupply of the information. Issued May 2015