Speaking in a panel session at the FSC’s virtual Future of Advice Summit on Tuesday, ASIC commissioner Danielle Press said the regulator’s upcoming scaled advice consultation will be looking at what is getting in the way of giving good scaled advice.
“I think there’s lots of different words for it, but it’s about what are the barriers to providing scaled advice. It’s not about putting hard lines in, because hard lines aren’t necessarily helpful,” she said.
Ms Press said removing barriers to the delivery of scaled advice was a priority for the regulator given increasing consumer demand for specific, low-cost advice around particular financial issues.
“It’s about saying what is it in our guidance that the industry thinks is stopping them giving limited advice, because we hear all the time that the regulator doesn’t like scaled advice, but our position is that scaled advice is what most customers want,” she said.
“So, we want to know what it is that we can do differently, how do we better approach the guidance we are giving, how can we simplify the message we’re giving, as opposed to redefining advice boundaries.”
Ms Press cautioned that some of the improvements that needed to be made to facilitate the delivery of scaled advice may be the responsibility of government rather than ASIC.
“When we do this consultation, we will get a lot of feedback, and some will be regulatory and some will be legislative,” she said.
“There is a confusion about what levers we can and can’t pull. This is not about finding legislative fixes, it’s finding what is in the control of ASIC — although having said that, we will be sharing that information with the Treasury so they can share it with government as they see fit.”
ASIC are corrupt.
They also are intent on clearing the way for the union industry funds so that when the FASEA disciplinary body is put into place next year, they’re clear of having to comply with that ethical code as well.
ASIC have zero interest in making advice more accessible. They are simply committed to ensuring that the Fat Cat Public Servants keep getting access to “free” personal advice. These advice “freebies” exist due to ASIC’s ongoing intrafund legislative carve out of Sn 945A of the Corporations Act staying firmly in place, whereby millions of super fund members pay ongoing advice fees – charged without providing informed consent, and with no way for these members to Opt-Out of these ongoing advice fees.
ASIC’s/Financial Services Working Group 2008 working paper & the 2009 Advice to super fund members. Regulation Impact Statement (when Labor were in office) shows clearly that ASIC were fully aware that intrafund was going to put in place an unfair level playing field, and that it would potentially create conflicts of interest. Despite this, they locked in their legislative carve-out. They are a total joke. All animals are equal, but some are more equal than others.