This assignment solution for FNSASIC302 Assessment 1 addresses crucial aspects of financial services, including the interpretation of RG245 and its key elements for AFS licensees regarding ongoing fee arrangements. It explains the legal basis and purpose of providing a statement of advice, along with the legal and ethical issues surrounding trailing commissions. The solution also covers regulatory bases for risk disclosure in the Australian financial planning industry, client complaint procedures, and the requirements for Fee Disclosure Statements (FDS). Further, it explores whether insurance brokers must issue a statement of advice, the regulatory codes involved in EFT, and the legal basis of non-cash payments. The document provides a detailed and comprehensive overview of the topics covered in the assessment.