30 August 2016 marks the release of ASIC’s much-anticipated RG 255: Providing Digital Advice to Retail Clients. Its arrival is somewhat lacklustre because it contains no departure from ASIC’s existing policy direction around key issues like responsible manager competencydespite some great ideas being tabled in the earlier consultation paper.
However, there are still 5 key takeouts for all of the digital advice providers out there operating in Australia (many of whom are our existing clients), as well as a few useful ‘heads up’ sections for people thinking about entering the already-congested Australian robo market. We also manage to draw a poignant analogy between the Kardashian sisters and Australian privacy law, so please keep reading.
So, what do you need to do?
For existing robo-businesses, jump straight down to the key takeouts section. For new market entrants, read on
