Create Member Profile Member Login Contact Us
Become a member
People working in a committee
Standards & Guidance

Guidance Notes

Standards & guidance

FSC Guidance Notes

FSC Guidance Notes provide practical guidance and support industry best practice across Australia’s financial services sector.

While compliance with Guidance Notes is voluntary, FSC strongly encourages members and industry participants to adopt these frameworks to support consistency, transparency and high standards of governance and consumer outcomes. In some cases, Guidance Notes may evolve into formal FSC Standards over time.

Below you can access the FSC’s current Guidance Notes.
Guidance Note Guidance Note No. 1: Global Investment Performance Standards (GIPS)

Supports FSC members in adopting the Global Investment Performance Standards (GIPS) to promote consistent and transparent reporting of historical investment performance.

Investment Management July 2018 View
Guidance Note Guidance Note No. 5: Industry Terms & Definitions

Promotes consistent industry terminology to improve investor understanding, support accurate reporting and increase operational efficiency across financial services organisations.

Cross Industry June 2019 View
Guidance Note Guidance Note No. 10: Brokerage Arrangements (formerly Soft Dollar Dealing)

Provides guidance on investment brokerage arrangements, including disclosure principles and best practice governance.

Legal & Governance Dec 2006 View
Guidance Note Guidance Note No. 11: Group Insurance Takeover Terms

Provides guidance where cover under a group insurance policy transfers between insurers, including responsibility for claims and acceptance terms.

Cross Industry May 2013 View
Guidance Note Guidance Note No. 24: Managing AML/FATCA and CRS Customer Identification Obligations

Developed jointly with the Financial Advice Association Australia (FAAA), this Guidance Note supports compliance with AML/CTF, FATCA and Common Reporting Standard (CRS) customer identification obligations. The Guidance Note includes a suite of customer identification and tax status declaration forms including:

CUSTOMER ID FORMS 

  • Schedule 1: Individuals & Sole Traders

  • Schedule 2: Australian Companies

  • Schedule 3: Foreign Companies

  • Schedule 4: Australian Regulated Trusts

  • Schedule 5: Unregulated Australian Trusts & Foreign Trusts

  • Schedule 6: Partnerships & Partners

  • Schedule 7: Associations

  • Schedule 8: Registered co-operatives

  • Schedule 9: Government bodies

US TAX STATUS DECLARATION FORMS

  • Schedule 11: US Tax Status Declaration Form ‚Äì Individuals

  • Schedule 12: Tax Status Declaration Form - Individuals

  • Schedule 13: Foreign Tax Status Declaration Form ‚Äì Entities

Copyright in the forms is owned by the FSC and the Financial Advice Association Australia (FAAA). The FSC and FAAA permit non-members to use the forms upon payment of the applicable licence fee. 

Taxation & Economics May 2017 View
Guidance Note Guidance Note No. 25: Product Performance: Calculation of After-Tax Returns

Provides guidance on the calculation and disclosure of after-tax investment returns to support accurate product comparisons and consistent reporting practices.

Taxation & Economics Mar 2023 View
Guidance Note Guidance Note No. 26: Asset Valuation and Unit Pricing/Crediting Rates for Infrequently Valued Assets

Sets out recommended principles for asset valuation and unit pricing for schemes invested in infrequently valued assets.

Cross Industry July 2018 View
Guidance Note Guidance Note No. 29: Standard Risk Measure Guidance Paper for Trustees

Jointly developed with ASFA, this Guidance Note supports superannuation trustees in calculating and disclosing investment risk to fund members.
Its adoption is strongly supported by APRA and ASIC.

Superannuation July 2011 View
Guidance Note Guidance Note No. 31: Provisioning for Deferred Tax Assets

Provides guidance for scheme operators on the treatment and calculation of deferred tax assets for unit pricing purposes.

Taxation & Economics July 2018 View
Guidance Note Guidance Note No. 33: Best Practice for Group Insurance Data

Supports improved quality, consistency and availability of group insurance data across insurers, trustees and administrators.

Superannuation Mar 2017 View
Guidance Note Guidance Note No. 34: Fees and Cost Disclosure

Provides guidance on the calculation and disclosure of fees and costs in product disclosure statements and periodic statements.

Cross Industry Oct 2016 View
Guidance Note Guidance Note No. 35: Money Market Funds Naming Convention

Sets out the characteristics and expectations for funds using terms such as ‘money market’, ‘cash’, ‘liquid’ or similar terminology in fund names.

Cross Industry Sept 2017 View
Guidance Note Guidance Note No. 37: Template Operational Due Diligence Questionnaire

Provides a standardised operational due diligence questionnaire template for use by fund managers.

Investment Management Feb 2021 View
Guidance Note Guidance Note No. 38: Improving Gender Balance Within Investment Management Teams

Supports investment management firms in improving the representation of women within investment management teams over time.

Investment Management Mar 2026 View
Guidance Note Guidance Note No. 39: Equity Trusts: Quotation of Dividend Imputation Credits

Provides guidance on reporting dividend imputation credits, franking levels and franking credits for Australian equity investments.

Taxation & Economics Mar 2021 View
Guidance Note Guidance Note No. 40: Responding to the Modern Slavery Reporting Requirements (with appendix)

Supports FSC fund management members in responding to obligations under the Modern Slavery Act 2018 (Cth).

Cross Industry Apr 2022 View
Guidance Note Guidance Note No. 41: Developing a Vulnerable Member Policy

Jointly developed with AIST and ASFA, this Guidance Note provides guidance on supporting vulnerable superannuation members.

Superannuation Sept 2021 View
Guidance Note Guidance Note No. 43: Advice Fee Consent Requirements

Provides guidance on complying with advice fee consent obligations under the Corporations Act 2001 and SIS Act 1993, including updates introduced through the Delivering Better Financial Outcomes reforms.

Financial Advice 2025 View
Guidance Note Guidance Note No. 45: Diversity, Proxy Voting and ESG in Superannuation

Promotes best practice governance relating to ESG risk management, proxy voting disclosure and trustee board diversity for superannuation trustees.

Superannuation July 2022 View
Guidance Note Guidance Note No. 46: Investment Option Performance: Calculation of Returns

Provides voluntary guidance on the calculation and disclosure of investment returns for schemes and investment options.

Cross Industry Sept 2022 View
Guidance Note Guidance Note No. 47: Presentation of Past Performance Information and Visual Promotions

Provides guidance on the presentation and promotion of past investment performance information for financial products and services.

Cross Industry Sept 2022 View
Guidance Note Guidance Note No. 48: Scheme Pricing

Sets out recommended principles for calculating scheme prices, transaction cost factors, pricing frequency and process documentation.

Cross Industry Dec 2022 View
Guidance Note Guidance Note No. 49: Crediting Rates

Provides recommended principles for determining crediting rates applied to scheme interests.

Cross Industry Dec 2022 View
Guidance Note Guidance Note No. 50: Valuation of Scheme Assets & Liabilities

Provides guidance on the valuation of scheme assets and liabilities, including market value principles and valuation frequency requirements.

Cross Industry Dec 2022 View
Guidance Note Guidance Note No. 51: Errors in Pricing / Crediting Rates - Correction and Compensation

Sets out recommended practices for managing pricing and crediting rate errors, including correction and compensation processes.

Cross Industry Dec 2022 View
Guidance Note Guidance Note No. 52: Fund Manager Due Diligence (Including CPS 230) Questionnaire

Provides a standardised due diligence framework to support superannuation funds assessing fund managers under APRA Prudential Standard CPS 230.

Superannuation Sept 2024 View
Guidance Note Guidance Note No. 53: CPS 230 Criticality and Materiality Guidance

Supports APRA-regulated superannuation funds in managing operational risk and material service provider obligations under CPS 230.

Superannuation Sept 2024 View
Guidance Note FSC Guidance Note 55 - Voting Policy, Voting Records, and Disclosure

The main purpose of this Guidance Note is to assist a Scheme Operator (including investment managers, asset owners and wealth managers) in formulating and maintaining a Voting Policy that is publicly available to Scheme Members.

Legal & Governance June 2026 View
Guidance Note Guidance Note No. 56 - Principles of Internal Governance and Asset Stewardship

This Guidance Note may be of relevance to Asset Managers or members that undertake asset management activities. It outlines a non-prescriptive disclosure for best practice, utilising a ‘comply or explain’ rationale, where Asset Managers may describe the internal governance and stewardship policy underlying their practices or explain why they are not relevant as appropriate within their business practices.

Investment Management June 2026 View
Guidance Note Repealed Guidance Notes

The FSC maintains references to repealed Guidance Notes for historical and archival purposes.

Many repealed Guidance Notes have been replaced by FSC Standards, updated Guidance Notes, legislative reforms or regulatory guidance.

Archived Guidance Notes include:

  • GN2: Corporate Governance Blue Book 

  • GN3: Financial Reporting 

  • GN4: Incorrect Pricing of Scheme Units 

  • GN6: Mortgage Trusts Disclosure 

  • GN7: Personal Trading 

  • GN8: Related Party Transactions 

  • GN9: Reporting to Superannuation Schemes by Service Providers 

  • GN12: Executive Equity Plan 

  • GN13: Employee Share Ownership Plan 

  • GN14: Claims Guidelines 

  • GN15: Underwriting Guidelines 

  • GN16: Socially Responsible Investment Disclosure 

  • GN17: EC Fund Nomination Form 

  • GN18: Management Expense Ratio 

  • GN19: Ongoing Fee Measure 

  • GN20: ASIC Fee Template 

  • GN21: Calculators - Best Practice Guidelines 

  • GN22: IT Fraud & Security Guidelines 

  • GN23: FSC Major Disaster Plan 

  • GN27: Income Stream Reporting Schedules 

  • GN28: Varied Redemption Arrangements 

  • GN30: ESG Reporting Guide for Australian Companies 

  • GN32: HIV/AIDS Underwriting Guidelines

  • GN36: Life Insurance Industry Data Collection Policy 

  • GN42: Claims Handling Standards for Superannuation Funds 

  • GN44: Climate Risk Disclosure in Investment Management

Cross Industry