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.
- Comments to be received by Jan. 18, 2021, to hold roundtables in Q1 2021 to discuss.
||B/D; Bank; CNSM; IA
||CP 332, PR 20-285MR, 11/17/2020; Citation: RG 244; RG 90;
||Compliance; Legal; Product; Risk; Suitability
||Banking; Fund Mgt; Securities; Wealth Mgt
|Reg. Last Update
Last substantive update on 11/17/2020