ASIC has announced the creation of a financial adviser hub on its page to increase regulatory certainty in the industry.
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.”
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