ASIC releases industry response to promoting consumer access to affordable advice

AFA News 7 July 2021. On 1 July 2021, ASIC released an infographic summary of the response they received to Consultation Paper 332 on promoting access to affordable advice for consumers.

ASIC launched the consultation on CP 332 in November 2020, with submissions due in January 2021.  Please click here to see a copy of the AFA’s submission.  ASIC received a total of 466 submissions, including 242 from financial advisers, which is an excellent response rate.

ASIC held a  roundtable meeting in April 2021 to consider potential solutions, which the AFA attended.  They have committed to continued consultation with the advice profession.

ASIC has identified a number of initiatives that may assist the financial advice sector in providing good-quality, affordable personal advice and intends to move forward with these initiatives as resources permit. ASIC has also provided feedback to the Government on issues that require legislative reform.

Please click here to see the ASIC Media release.

Please click here to see the infographic.

Issued 07.07.2021. AFA Policy & Education Update