ASIC's consultation on advice access has the potential to be a "transformational undertaking", the newly promoted minister tells Professional Planner. The key, she reckons, will be getting advisers to tell their stories.
The regulator denied using current regulatory standards for advice lookback reviews that involved older cases with different benchmarks. This comes as ASIC mulls abandoning the 7-year review period altogether.
Unprecedented quickly became the description de jure for what was happening all around between March and May this year as superannuation was drawn on, funds were tested and central banks through everything including the kitchen sink at the problem - Professional Planner reflects on the year that was.
FASEA will have its functions spread across Treasury and a single disciplinary body sitting within ASIC, while – in a much-needed compliance win for advisers – annual fee renewals will be combined with financial disclosure statements in a single document.
The Senator tells Professional Planner she canvassed “far and wide” in the lead up to Wednesday’s compliance-cutting legislative amendment proposal. Industry associations played a role, she says, as did the advisers who joined industry roundtables and approached their local members.
ASIC has proposed a two-tier system to client remediation amidst a raft of updates to RG 256, including doing away with the current seven-year review period and making sure remediation assumptions are always beneficial to clients.
ASIC would like to move quicker on fraud but is beholden to due process and, in some cases, outdated regulation. UNSW's Pamela Hanrahan went into bat for the regulator and lobbied for it to have more say in policy formulation.
Confusion around new rules for claims handling – and misleading press coverage – has led many advisers to believe they need to apply for a new AFS licence. Association heads have confirmed Treasury is set to include an exemption for the "vast majority" of advisers.