Feedback from the regulator’s consultation into affordable advice reveals advisers are keen on regtech but have little interest in digital advice because it costs too much and consumers aren't interested.
An expanded RoA regime is one of many actions ASIC is considering after trawling through almost 500 submissions to its landmark consultation paper on access to affordable advice. Another – the need to fix its own “turgid” guidance documents.
After teaming up with Rice Warner to propose ‘simple’ and ‘complex’ personal advice last October, the FSC has brought in an external research team to find out if the idea would resonate with consumers.
If funds write their own trustee consent forms it will be a costly mess for advisers and consumers, which is why representative groups are pushing for providers to join them at the table to standardise a template for the new compliance requirement.
ALP Senator Andrew Leigh said he could understand why it was in the ASIC chair's interests to come back to the top job and enhance "public perception" that he had cleared his name, but was it in the regulator's interests?
Royal commission enforcement and declining adviser numbers have contributed to the increased levy, ASIC's top brass explained, but it is the rigid nature of the industry funding model that stops them from being able to alleviate the pressure.