In response to feedback from financial advisers, the Australian Securities and Investments Commission (ASIC) has launched a webpage to provide a simplified method of accessing industry information.
ASIC has previously stated its mission is to achieve more affordable advice for consumers and as part of that it has launched the Financial Advice Hub as a centralised webpage for relevant and updated regulatory content for financial advice licensees, planners and stakeholders.
The launch follows feedback on “Consultation Paper 332: Promoting access to affordable advice for consumers”, released in November 2020, which sought to discover the obstacles to improving the advice industry.
In the website update, ASIC noted: “We received an unprecedented 466 submissions from industry participants and relevant stakeholders. Part of the response from industry asked for shorter, simpler and more user-friendly guidance with practical examples.”
It further said the Financial Adviser Hub is among the first ASIC initiatives scheduled for release following numerous industry professionals calling for fairer, affordable and quality advice.
Two measures have already been implemented – records of advice and three examples, and tips for giving limited advice and an example statement of advice – and scheduled for release soon is the advice snapshot summarising common terminology and advice concepts.
“ASIC anticipates that these new initiatives can help industry participants reduce compliance costs and deliver personal advice more efficiently and effectively. For consumers, this means improved access to affordable personal advice that better meets their needs and financial objectives,” ASIC said.
“In developing these initiatives, ASIC received timely and constructive feedback from the financial advice industry. We will continue to engage with industry on initiatives to assist them with providing good-quality and affordable advice to consumers as resources permit.”
An infographic summary of the industry’s response to Consultation Paper 322 was released in early July and can be accessed via ASIC’s website.