AST ASIC Quality Advice Consultation

On Nov. 17, AST ASIC issued consultation on giving consumer advice.

  • ASIC issued consultation entitled Promoting access to affordable advice for consumers.
  • Follows AST ASIC Aug. 2019 report on giving good value financial advice, see #64255.
  • Consultation Scope
  • Seeks input on issues and impediments to supply of quality affordable personal advice, provided from financial advice industry or other stakeholders, and how to improve this.
  • Review is part of broader ASIC work on improving consumer access to personal advice.
  • Focus is on access to limited advice, which does not cover all areas relevant to a client.
  • Information on providing limited, digital and strategic advice is of particular interest.
  • Also sought input on how to make example statements of advice (SOAs) more helpful.
  • Cited regulatory guide RG 244 Giving information, general advice and scaled advice.
  • Regulatory guide RG 90 Example Statement of Advice: Scaled advice for a new client.
  • Effectiveness
  • Comments to be received by Jan. 18, 2021, to hold roundtables in Q1 2021 to discuss.

Regulators AST ASIC
Entity Types B/D; Bank; CNSM; IA
Reference CP 332, PR 20-285MR, 11/17/2020; Citation: RG 244; RG 90;
Functions Compliance; Legal; Product; Risk; Suitability
Countries Australia
Products Banking; Fund Mgt; Securities; Wealth Mgt
Regions AP
Rule Type Proposed
Rule Date 11/17/2020
Effective Date 1/18/2021
Rule Id 90919
Linked to Rule :64255
Reg. Last Update 11/17/2020
Report Section International

Last substantive update on 11/17/2020