In an effort to work with the industry to facilitate greater clarity of regulatory requirements, the Australian Securities and Investments Commission (ASIC) will soon unveil a hub where it will group all relevant content to ease navigation.
Speaking at the AFA Evolve Conference, ASIC chair Joseph Longo announced the financial regulator’s intention to deliver initiatives to assist the industry to meet the needs of consumers.
“We’re looking at creating a new financial advice webpage where we are hoping to consolidate and centralise all financial advice-related content. We are going to try to improve practical guidance and examples,” Mr Longo said.
“We’re also looking at adding extra guidance in the form of an example statement of advice and an information sheet about record of advice.”
Looking to provide some necessary reprieve to the industry, Mr Longo said “the heavy lifting is behind you”. He underlined ASIC’s resolve to work with the industry and stressed the clear distinction between the corporate regulator and the government.
“Our role is to enforce the law, we don’t make the law, we don’t make the policy,” Mr Longo said.
“I am very conscious and sympathetic to how ASIC can work with advisers to navigate that complexity. The industry has come a long way to professionalise, to absorb these reforms. In many ways, the heavy lifting is behind you.
“What we have in front of us is a real opportunity to continue implementing these reforms and other reforms.
“But these are all areas where ASIC can work with the industry to make sure these requirements are implemented in a way that is cost-effective to the industry and that obviously meets the policy requirements of the government and the needs of consumers.”
A webpage will make all the difference to the two advisers left, this lot have no idea
Corrupt Useless ASIC telling the same lies.
Lies, lies, lies and more lies yet again.
ASICs overly paternalistic interpretation of laws via their REGS have killed Advisers for 15 years and it’s only getting worse each month.
ASIC will not even release the research Advisers paid for to get screwed yet again in the so called Affordable Advice review. Or the rest of the submissions.
ASIC know very clearly they are a huge contributor to massive BS over regulation but refuse to accept the problems they have created.
My Christmas wish list…
1. Go away ASIC run by Mr No Longo relevant…
2. Purchase more heavy lifting equipment
ASIC, always doing the absolute minimum to fix the mess they made. A website fixes nothing. An example SOA fixes nothing. You words mean nothing. You have been told time and again what the problems are and you do nothing. How about actually listening to real advisers and real clients.
In another life I had an AFSL as a risk adviser. One day I sought clarification from ASIC on a particular subject matter. They stopped me after 30 seconds in the call, and informed me that they did not provide advice. I replied I was just seeking clarification. Their answer – consult your legal advisor. When I responded that I considered that response a policy position favoring the big end of town, I did not get a response. I can hardly wait to read the adviser web page!
No one is more out of touch with what is happening for Advisers and their clients than ASIC. ASIC shoulder the “heaviest lifting” for decimating advice, cost and over-reach of compliance making planning unviable, mis-managing the market and an industry that will see tens of thousands of Australians roll into the future unguided financially, not able to navigate wealth creation on their own or afford advice and we will all be much poorer for it! So does ASIC tackle these huge issues, or just create a pretty website?
The problem is licensees’ won’t change a thing, especially given the pressures from their PI insurers and the whole process of AFCA dealing with Advice complaints.
Imagine if you took this concept further with ASIC (or disciplinary body) providing all the compliance tools, uniform templates, and guidance so that every adviser is on the same page. Then we can do away with licensee and all their different interpretations of the law. That would save hundred of millions in fees, plus the efficiency gains that go with it.
Exactly, this is th esolution. I shoudl be able to call ASIC to clarify issues and get a gold plated answer like accountants can with the ATO.
“we don’t make the policy”
that’s not true – ASIC have stated that Advisers are subject to DDO as part of their Safe Harbour steps – that is not what the law says, ASIC just made that up.
But seriously? They redesign their wbsite and expect kudos?
Don’t forget they allowed bookkeepers and other unlicensed people to provide covid super release advice too. Where does it say unlicensed advice providers can provide super advice?
The Nuremburg Defence, ASIC shoulder the burden for the market failure that is well underway. ASIC’s charter was to bring the market players up to standard, yet they just make up their own rules and would rather chop off as many heads as possible to make themselves look good. No market player has confidence or trust in ASIC.
I have no faith in ASIC. They should probably turn their focus on KPMG and all the companies which have had KPMG audit them.
How nice of ASIC making a hub for us, no doubt that will see a fee increase to fund
Wow – what a gamechanger!
Heavy lifting is behind us…?
It doesn’t feel like it to me – the load just seems to get heavier each day and ‘other reforms’ on the way it doesn’t sound like the ‘heavy lifting’ is quite behind us yet.
Not sure ASIC really have an interest in making things cost-effective for us when they ‘don’t make the law, they just enforce the law’.
This is just a carrot stick… no real change in compliance is coming, watch this space for a push for “un-met advice needs” that will be given crave outs for super funds to give personal advice that sits outside best interest etc. if their is such a need for financial advice just charge clients fee for service when they ask for advice like the rest of us.