Over 480 submissions on advice access consultation received: ASIC

ASIC Commissioner Danielle Press said the corporate regulator has received over 480 submissions to its consultation on advice accessibility, with advisers themselves sending the bulk of feedback.

Addressing the audience online at the SMSF Association National Conference recently, Press said consultation paper 332 Promoting access to affordable advice for consumers elicited submissions from a “wide range of consumers”.

“The vast majority of respondents were financial advisers and accountants,” Press said, before thanking the SMSF Association for encouraging its members to get involved.

The commissioner brought up a point made by the SMSF Association in its own submission – that the advice process takes too long, costs too much “…and prioritises the needs of the licensee over the consumer”.

“This is broadly consistent with some of the general themes that we are seeing emerging from other submissions that we have reviewed to date,” Press said.

The consultation ran from November 17, 2020 to January 18, 2021 and sought “both quantitative and qualitative information” about the “issues and impediments that exist round delivering affordable personal advice,” ASIC stated.

The 480 submissions received represent roughly one submission per 40 advisers on ASIC’s Financial Adviser Registry.

“In terms of next steps we continue to review all the submissions received and plan to hold roundtables with industry stakeholders discuss the issues raised through their submissions in the first quarter of 2021,” Press said.