ASIC has released consultation papers containing proposed guidance for two aspects of the Future of Financial Advice (FOFA) reforms – scaled advice and the best interests duty. The work seeks to promote confident and informed investors and financial consumers, noting the value good financial advice can provide to consumers in helping them make important financial decisions. ASIC’s proposed guidance on the best interests duty covers the following areas: (i) acting in the best interests of the client; (ii) satisfying the ‘safe harbour’ for the best interests duty – including providing guidance on each element of the safe harbour; (iii) providing appropriate personal advice; and (iv) prioritising the interests of the client. The proposed guidance is in the form of an update to Regulatory Guide 175 Licensing: Financial product advisers—conduct and disclosure.