AFA News 18 November 2020. On 17 November 2020, ASIC released Consultation Paper 332 on promoting access to affordable advice for consumers.  This is an important exercise that ASIC are undertaking as they are seeking feedback from the advice community, including advisers and licensees on how the financial advice regulatory obligations can be better streamlined to provide more cost-effective advice.

Consultation Paper 332 asks a set of questions about limited or scoped advice and the usefulness of the guidance that ASIC provides on the requirements for the delivery of advice. Advisers can answer these questions through an online survey. It is also possible to do this anonymously. Members are also welcome to provide their thoughts to the AFA Policy team via policy@afa.asn.au.  We can then package up this feedback on behalf of members.

We encourage members to review this paper and to engage in this process. This is one of the current discussions going on at present about how we can reduce the cost of providing financial advice and therefore increase the accessibility of financial advice. It is important that we support each of these initiatives and strongly advocate for sensible reform that delivers smart regulations.

Issued 18.11.2020. AFA News