Skip to main content

The Documents Part 6 – Needs Analysis (Safe Harbour Port 3)

Safe Harbour Step 3 – Inquiries where information is incomplete or inaccurate

If the client has provided you with incomplete or inaccurate information, you must make reasonable inquiries to obtain the required information so that you have information that is accurate and complete.

You need to exercise judgement in relation to:

  1. what is relevant information (in the context of the advice sought);
  2. what information is missing;
  3. what information appears to be inaccurate

Where it is reasonably apparent that information is missing or incomplete, you should:

  1. ask the client again for the information;
  2. ask the client if they can obtain the information for you;
  3. ask the client if you can obtain the information you need on their behalf.

If after making reasonable inquiries you are still unable to obtain complete and accurate information, you must warn the client that:

  1.  the advice is, or may be, based on incomplete or inaccurate information relating to the
  2. client’s relevant circumstances; and
  3. because of this, the client should, before acting on the advice, consider the appropriateness
Other articles in this series

Register your interest in becoming a finance wise Limited Authorised Representative (LAR)

If you found this article interesting, why not
  • SEND it to a friend from the sidebar
  • LEAVE A COMMENT by clicking on the icon at the top of the article
  • Send FEEDBACK directly to us at info@fwgs.net.au

Leave a Reply

Your email address will not be published.