Published: 18 Jan 2021
ASIC’s consultation, aimed at uncovering impediments to the delivery of good quality personal advice, is a useful information gathering exercise.
However its outcomes are too narrowly focussed. As ASIC acknowledged in submissions to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, providing the average consumer with cost-effective access to financial advice is likely to be challenging and to require more than simply further regulation of the “personal professional adviser” model.
Addressing the costs associated with the provision of personal advice and the impediments to giving scaled advice is important, but in the context of superannuation and retirement advice, ASIC should also consider the impediments to the use of existing inexpensive options available to funds.
*The above material, whilst correct at the time of publication may include references or statements which are no longer current.