A wake-up call for advisers as ASIC modernises advertising rules, demanding timely, transparent communication in an increasingly digital, fast-moving advice landscape.
ASIC brings financial advertising into the 2020s
Comparing the financial advice profession with the advertising industry is a bit like comparing the Post Office with the Beatles – they are two vastly different worlds that very rarely intersect. However, as readers of AdNews[1] may have noted, one such intersection point has indeed occurred recently, courtesy of ASIC’s decision to overhaul the regulation of financial services advertising.
In November 2025, ASIC announced[2] a review of RG234, the primary regulatory instrument governing the advertising of financial services products (including credit). Initially flagged in 2024[3], the review is an arguably long-overdue refresh of guidance first issued in 2012, before TikTok existed, before the word ‘finfluencer’ was first uttered, and of course before AI search became mainstream.
There are two reasons why this review is significant for financial advisers.
Firstly, this guidance is not just directed at product providers but broadly encompasses every individual or company that is promoting some sort of financial product or service (including financial advice).
Secondly, and critically for advisers, the term ‘advertising’ is not limited to paid placements in traditional or social channels, but more broadly applies to the way financial products and services are represented to consumers in order to influence their behaviour. This brings into scope channels and activities that advisers would consider a normal part of day-to-day business development or client education, including websites, promotional brochures, client seminars and social media posts.
The digitisation of advice continues unabated. According to figures released by Adviser Ratings in late 2025, one in four advice practices are now reliant on digital channels for new client attraction4 (up from 16%). And ASIC research released in March 2026 gives us a clear view of the future – finding 63% of Gen Z respondents (aged 18–28) use social media for financial information and guidance, while 30% use YouTube and 18% use AI platforms[5]. Add to that the shifting landscape of the advice ecosystem – the massive growth in the use of ‘lead generation’ businesses for example – and it becomes clear that for financial regulation to fulfil its primary consumer protection role, it must reflect the ongoing evolution of consumer behaviours and industry structure.
While RG 234 does the heavy lifting in this space, it works in conjunction with other instruments policed by ASIC. In this article, we examine the broader regulatory framework governing financial advertising, summarise the key elements of ASIC’s proposed update to RG234, and consider how common advice-sector marketing practices can be impacted.
The regulatory framework governing financial advertising
Although Regulatory Guide 234 (RG 234) is the primary source of guidance on financial advertising, it sits within a broader framework of legislation and regulatory instruments that collectively govern how financial products and services can be promoted to consumers.
At the highest level, the legal foundation is provided by the Corporations Act 2001, which contains several provisions prohibiting misleading or deceptive conduct and false or misleading representations in relation to financial products and services. Importantly, their application is not confined to traditional forms of advertising. In practice this means that marketing materials, websites, social media posts, seminar presentations and other promotional communications may all fall within scope.
ASIC supplements these statutory provisions with other Regulatory Guides and Information Sheets that explain how the law applies in practice.
The individual components of the framework, and their specific roles, are described below.
- RG 234: Advertising financial products and services[6]
The central guide covering advertising and promotional conduct. RG 234 outlines ASIC’s expectation that advertising must be clear, balanced and not misleading, and provides examples of promotional practices that may create misleading impressions for consumers. - RG 53: The use of past performance in promotional material[7]
Provides guidance on the presentation of historical investment performance in marketing materials. ASIC has proposed incorporating this guidance into RG 234 as part of the current consultation, which would consolidate advertising guidance into a single instrument. - RG 244: Giving information, general advice and scaled advice[8]
Clarifies the distinction between factual information, general advice and personal advice. This distinction is particularly relevant where advisers use seminars, webinars or other educational events as part of their marketing activity. - RG 175: AFS licensing: Financial product advisers – conduct and disclosure[9]
Sets out the conduct obligations that apply once advice is provided, including the best interests duty and disclosure requirements. While not an advertising guide, these obligations can become relevant where promotional material creates expectations about the nature or scope of advice services. - INFO 269: Discussing financial products and services online[10]
Provides guidance on the discussion and promotion of financial products through online channels, including social media and the activities of finfluencers. - INFO 271: How to avoid greenwashing[11]
Addresses environmental and sustainability claims made in promotional material and highlights the risk of misleading representations about ESG characteristics.
The multi-faceted nature of this framework reinforces how broadly the definition of advertising is interpreted. In practice, any communication – written, verbal, visible, or virtual – that promotes or influences the uptake of a financial product or service, including advice, may well be captured within its scope.
Changing RG234 to reflect the contemporary advice landscape
ASIC has proposed a number of changes to bring RG234 into the present and make it more adaptive to the future. These proposals were published for industry consultation at the end of 2025[12].
Many of the changes are structural. The guide’s title will be simplified, duplicated content removed, and some sections reorganised or condensed. In addition, content that previously appeared throughout the guide will be consolidated into appendices, including a quick reference guide summarising key advertising principles.
A substantive change is the proposal to incorporate guidance from RG 53 on the use of past performance in promotional material into the updated RG 234. If implemented, this change would result in RG 53 being withdrawn, with performance advertising guidance contained within a single consolidated guide.
The revised guide will also introduce several new examples drawn from relevant ASIC regulatory and enforcement actions. These examples relate to issues such as the presentation of returns, disclosure of risks, the use of disclaimers, comparisons between financial products and the calculation and presentation of past performance.
Finally, the proposed update recognises and offers guidance around contemporary marketing channels. References to digital promotion, social media and online advertising have been incorporated into the guide, and the growing finfluencer sector is also acknowledged.
Industry response
As expected, the proposed update has also prompted a strong response from industry stakeholders, including associations and product providers. A common theme in these submissions is the need for greater clarity around the application of existing advertising obligations in a digital environment. ASFA’s submission[13] for example pointed to the need for further guidance expressly around search engines, social media, streaming, podcasts, influencer-distributed content, comparison sites, and interactive tools.
The FSC[14] called for the definition of ‘promoters’ to be extended to the growing cohort of lead generation businesses.
There have also been calls for more specific guidance on issues such as the use of past performance, the treatment of short-form content and how key disclosures should be presented where space is constrained.
Distilling ASIC’s guidance into core principles
While RG 234 and related guidance span multiple regulatory instruments, the underlying expectations can be distilled into a small number of core principles. Developing an understanding of these principles can be an important first line of defence for advisers seeking to ensure their marketing activities are compliant.
First, promotional material must not create a misleading overall impression. This is the central test applied by ASIC, and it extends beyond the accuracy of individual statements to the way information is framed and understood by the target audience.
Secondly, important information must be clear and prominent from the outset. Key risks, conditions or limitations should not be hidden in fine print, nor introduced via links to other materials, or later disclosures.
Finally, advertising should present a balanced view of benefits and risks. Messaging that highlights potential advantages without giving appropriate visibility to limitations may create unrealistic expectations for consumers.
A word about disclaimers
The nature of disclaimers, including their size and location, is clearly central to ASIC’s guidance, and indeed the existing version of RG 234 already provides clarification around the treatment of disclaimers in ‘audio and visual’ channels[15]. While the nature of multimedia channels has evolved significantly, the spirit of that guidance remains clear and relevant in a digital world:
“[Disclaimers] should also have sufficient prominence to effectively convey key information to a reasonable member of the audience on first viewing of the advertisement. Information is less likely to be noticed and understood if it is in fine print, contained within a dense block of text, only shown on television or a computer screen for a brief period, or placed where there is distracting content shown simultaneously.”
Guidelines in action: lead generation funnels
Digital lead generation has become one of the fastest growing client acquisition channels in the advice sector. Consumers are commonly drawn into these funnels through ‘clickbait’ advertising offering such services such as a ‘free super health check’, a lost super search or a retirement readiness quiz. In reality, these services are often little more than a façade for sophisticated lead-harvesting operations.
This business model has, unsurprisingly, attracted significant regulatory attention, and recent ASIC investigations have uncovered numerous examples of third-party marketing firms being paid substantial fees to generate leads through high-pressure online advertising (and follow-up cold calling). In response, in early 2026 ASIC publicly warned consumers[16] about these tactics in relation to superannuation switching, at the same time announcing a review into – and publishing a list of – advice licensees that rely on lead generation services[17].
While there remains debate about whether these firms are subject to RG234, they are still subject to the general misleading or deceptive conduct provisions of the Corporations Act, and ASIC’s main concern with the advertising used by these businesses is centred around a lack of transparency, and the overall impression their advertising creates. Messaging that appears to offer independent assistance or a neutral financial ‘health check’ may actually be the first step in a sales funnel designed to direct consumers toward a particular advice provider or financial product.
Even where the underlying claims in the advertisement are technically accurate, the promotional framing may still be misleading if the true commercial purpose of the interaction is not clear to consumers.
Guidelines in action: education as a marketing tactic
Educational marketing has become a common – and successful – business development strategy for many advice practices. Client seminars, webinars and downloadable eBooks allow advisers to help consumers understand complex financial issues such as superannuation or estate planning, while also building a targeted pipeline of prospects.
But as always, when it comes to promoting these resources or events, emphasis and context matter.
Consider the advertising of a webinar on Transition to Retirement (TTR) strategies. Promotional material for the event would likely highlight the potential tax advantages and cash flow benefits of implementing a TTR pension while continuing to work. For many pre-retirees, TTR can indeed be a very powerful and beneficial strategy.
But while these statements may be technically correct, they can be problematic if the benefits of the strategy receive far greater prominence than important qualifications. For example, a TTR strategy will not be appropriate for all clients, and its effectiveness is dependent on specific eligibility and contribution settings.
From a regulatory perspective, ASIC is likely to consider whether important information about risks, limitations or eligibility requirements is presented clearly in the promotion of the webinar. If these elements appear only briefly or are buried in fine print, the overall message may be considered misleading. Just as importantly, it doesn’t matter that processes to qualify prospects may exist further down the line (e.g. at the webinar itself) – ASIC will judge the advertising on its own merits.
As para 51 of RG 234 stipulates:
“If a qualification is required, it must be published at the same time as the original message. Subsequent qualifying disclosures will not be effective as the misleading impression will already have been created.”[18]
Guidelines in action: social media
Social media has become an increasingly popular communication and marketing channel for advisers. Short-form content such as videos, posts or infographics – discussing financial markets, tax tips, and investment strategies – can be an effective way to engage audiences and build authority.
However, the short attention span of viewers, the cluttered online environment, and the tight size limitations of these channels, generally dictates that messaging be short and impactful. A social media post promoting SMSFs as a way to purchase property is already tapping into a powerful psychological force (our love of bricks and mortar) and so can easily be both brief and effective. But while that’s perfect for social channels, it runs the risk of giving insufficient focus to the considerable risks and limitations associated with this strategy, such as borrowing constraints, liquidity considerations and concentration risk.
Again, downstream disclosures or qualifying processes are irrelevant – ASIC will judge the initial promotion on its own merits, and the brevity dictated by social media formats will not be seen as an excuse to de-emphasise any risks and/or limitations.
Practical takeaways for advisers
While it may be understandable that some AFSLs see marketing activities as sitting outside the formal compliance framework applied to advice itself, the recent regulatory focus on financial advertising suggests that this separation is becoming increasingly difficult to justify. Readers of this article should familiarise themselves with the various guidelines and instruments listed earlier in this article, as well as noting the following key takeaways that can help ensure the broad suite of activities conducted under the marketing umbrella are done so in a compliant way:
- Remember that the definition of ‘advertising’ is broad, and brings into scope websites, promotional brochures, client seminars and social media posts. As such, undertake a structured review of all such materials through the lens of RG 234.
- Continually treat promotional material with the same discipline applied to advice documentation. Marketing messages should be reviewed with the same mindset used when assessing client communication and advice documents. The key question is not simply whether statements are technically accurate, but how the intended audience would interpret the statements on first sighting.
- Ensure a balanced presentation of benefits and qualifications. Promotional material that emphasises the benefits of a strategy, such as tax advantages or investment returns, should ensure that important qualifications are presented clearly and in close proximity to those claims.
- If using lead generation services or referral partners, review the way these partners present your services to prospects. Advisers should ensure the messaging used by those partners is accurate and meets the same standards expected of the practice itself.
- Recognise that brevity is not a regulatory defence. Content on websites, or promoted through social media or digital advertising, may be short form through necessity, but the constraints of the channel do not reduce the obligation to present information in a compliant manner.
Conclusion
ASIC’s review of RG 234 does more than modernise a decade-old regulatory guide, it shines a spotlight on the full breadth of obligations that already apply to the way financial products and advice services are promoted. To the extent this framework captures activities traditionally viewed as ‘business development’ or ‘client education’ – rather than marketing – the review may serve as a timely wakeup call.
As ASIC moves towards implementing the revised standards later in 2026, advisers would be well served to treat marketing communication as a core compliance focus rather than a peripheral activity. Reviewing websites, seminar content, social media posts and third-party lead generation arrangements through the lens of RG 234 should not be a theoretical exercise, but rather a practical step in preparing for a regulatory environment where the first impression created by a promotional message will be subject to the same scrutiny as the advice that follows.
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References:
[1] https://www.adnews.com.au/news/asic-edges-closer-to-new-rules-for-financial-advertising
[2] https://www.asic.gov.au/about-asic/news-centre/news-items/asic-proposes-updates-to-guidance-on-advertising-financial-products-and-services/
[3] https://www.asic.gov.au/about-asic/news-centre/news-items/asic-update-on-maintenance-of-regulatory-guides/
[4] https://www.adviserratings.com.au/news/from-compliance-to-cool-how-smart-advisers-beat-finfluencers-at-their-own-game/
[5] https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2026-releases/26-049mr-asic-urges-gen-z-to-sense-check-money-advice-as-social-media-fuels-riskier-financial-decisions/#:~:text=(26%2D049MR)-,ASIC%20urges%20Gen%20Z%20to%20’sense%2Dcheck’%20money%20advice,turn%20to%20family%20and%20friends.
[5] https://download.asic.gov.au/media/rkzj5nxb/rg234-published-15-november-2012-20211008.pdf
[6] https://download.asic.gov.au/media/1238984/rg53.pdf
[7] https://download.asic.gov.au/media/tkqi11il/rg244-published-13-december-2012-20211208.pdf
[8] https://download.asic.gov.au/media/pqpe0hwc/rg175-published-21-november-2024-20241219.pdf
[10] https://www.asic.gov.au/regulatory-resources/financial-services/giving-financial-product-advice/discussing-financial-products-and-services-online/
[11] https://www.asic.gov.au/regulatory-resources/financial-services/how-to-avoid-greenwashing-when-offering-or-promoting-sustainability-related-products/
[12] https://www.asic.gov.au/regulatory-resources/find-a-document/consultations/cs-37-proposed-update-to-asic-s-guidance-on-advertising-financial-products-and-services/
[13] https://financialnewswire.com.au/superannuation/super-funds-seek-standardised-10-year-past-performance/
[14] https://www.professionalplanner.com.au/2026/01/include-lead-generators-in-advertising-guidance-fsc/
[15] https://download.asic.gov.au/media/rkzj5nxb/rg234-published-15-november-2012-20211008.pdf
[16] https://www.abc.net.au/news/2026-02-18/asic-announces-review-into-lead-generators-superannuation/106353740
[17] https://www.moneymanagement.com.au/143800-2/
[18] https://download.asic.gov.au/media/rkzj5nxb/rg234-published-15-november-2012-20211008.pdf
CPD Quiz
The following CPD quiz is accredited by the FAAA at 0.5 hour.
Legislated CPD Area: Regulatory Compliance & Consumer Protection (0.5 hrs)
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