There are two types of financial product advice—personal and general advice. Personal advice is financial product advice given or directed to a person (including by electronic means) in circumstances where:
(a) the provider of the advice has considered one or more of the person’s objectives, financial situation and needs; or
(b) a reasonable person might expect the provider to have considered one or more of those matters.
All other financial product advice is general advice.
Source: Australian Securities & Investments Commission Regulatory Guide 236 ‘Do I need an AFS licence to participate in carbon markets?’ May 2012 (http://asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg236-published-9-March-2012.pdf/$file/rg236-published-9-March-2012.pdf)