ASIC to establish new financial adviser hub for regulatory guidance

Speaking at the AFA Evolve Conference, ASIC chair Joseph Longo announced the financial regulator’s intention to deliver initiatives to address the impediments the advice industry is facing in providing quality, affordable and limited advice to consumers.

“We’re looking at creating a new financial advice webpage where we are hoping to consolidate and centralise all financial advice-related content. We are going to try to improve practical guidance and examples,” Mr Longo said.

“We’re also looking at adding extra guidance in the form of an example statement of advice and an information sheet about record of advice.”

Mr Longo said that ASIC is closely looking at unmet advice needs and the impediments the industry has faced in providing quality, affordable and limited advice to consumers, passing this feedback to the Treasury to help inform the Quality of Advice review it is conducting.

However, he noted that advisers must also play a part with the regulator during the incoming advice reforms set to begin in October, reaffirming the importance of the professional standards for advisers.

“Financial advice is crucial – even more so during the current pandemic,” he said.

“And while I know that the introduction of new professional standards has caused some angst among the adviser community, I am confident that these changes will be beneficial to advisers and clients.

“So as we look towards the future, the lines of communication must remain open in both directions.

“Not just for the financial health of Australians, but for the benefit of the industry as a whole.”