You are entitled to know who is advising you, what is recommended, why it may suit your needs and what it costs. You are not entitled to a good investment result.
That distinction is worth holding onto, because it tells you what to check and when to speak up.
In practice, the rights mean receiving relevant information in a form you can understand, having your circumstances considered, obtaining records of material advice and being able to ask questions before committing. The licensed firm, representative status and complaints process should be identifiable. You should also know the important risks, conflicts and steps available when something goes wrong.
Rights do not guarantee a favourable investment or claim outcome. They support a fair process and informed decision. Your responsibilities include giving accurate information, reading material documents and raising errors promptly, but those responsibilities do not excuse unclear disclosure or unsuitable advice.
Try this now
For one advice relationship, locate the FSP disclosure, service and fee agreement, written advice record, product documents and complaints contact. Record what is missing.
Ask your advisor
- Which firm is responsible for this advice?
- Where are suitability, costs, risks and conflicts recorded?
- How do I correct information or raise a complaint?
This is a general introduction to conduct expectations, not a legal finding about a specific relationship. Current rules and facts govern individual rights.