Report 377 "Review of advice on retail structured products" revealed that in approximately half of the files, there was insufficient evidence to show that advisors had investigated clients' relevant circumstances, the subject matter of the advise and then to provide appropriate recommendations.

"The findings were disappointing and with the Future of Financial Advice now raising the bar for advisors, our warning against inappropriate selling cannot be clearer," said reviewed five pieces of advise from each of 10 Australian financial services licensees. The majority of advise reviewed was provided in 2012 and complied with a section of the Corporations Act 2011. This section has since been replaced by the FOFA reforms, which include a requirement that advisers must act in the best interests of clients.