ASIC has released a discussion paper on managing conflicts of interest in the financial services industry. The discussion paper uses hypothetical case studies illustrating real or perceived conflicts of interest across the financial services industry to explain ASIC’s views on how those conflicts should be managed. A number of the case studies are loosely based on real life examples of conflicts we have seen. Since January 1 2005, financial services licensees have been required to have in place adequate arrangements to manage conflicts of interest and the discussion paper is intended to assist licensees by identifying realistic scenarios across a variety of industry sub-groups. The discussion paper suggests practical ways of managing different types of conflicts of interest and covers financial advisers (wholesale and retail), licensees, research report providers, product issuers and fund managers. The aim of the paper is educative and ASIC invites submissions during the consultation period. The discussion paper is available at www.asic.gov.au/ppp.