The corporate regulator has published a new web page on its site specifically dedicated to financial advice, which has the stated intention of “consolidating and centralising all financial advice related content” for AFSLs, advisers and affiliates.
The new financial advice page – found under the ‘regulatory resources’ tab on ASIC’s home page – is a basic hub site in its initial stage, with links to pages explaining how ASIC regulates financial advice, adviser obligations, educational requirements and other information areas.
“This centralised webpage is a one-stop access point for pertinent guidance and information impacting financial advice licensees, advisers, and relevant stakeholders,” ASIC stated.
The page’s development seems to be a direct result of feedback as part of the consultation process for Consultation Paper 332 Promoting access to affordable advice for consumers, where 466 submissions were received from advisers, licensees and other stakeholders.
Areas of concern covered during the consultation included limited advice, the cost of advice, ASIC guidance, digital advice and strategic advice.
“We developed the Hub in response to industry feedback that ASIC’s guidance was hard to find,” ASIC said.
“The financial adviser webpage is just one in a range of initiatives we have planned in response to calls to better assist advice licensees and advisers in their efforts to provide good-quality and affordable personal advice to consumers.”
The good news – ASIC is doing something. The bad news: regulation is the problem that is creating a position where advice is too expensive for ordinary Australians. That’s the central issue that needs to be fixed. We publish Really Simple Money – and we welcome anything that gives more Australians access to good financial advice.