ASIC released a consultation paper 28 July 2011 proposing new guidance for people who give (financial) advice to retail clients.
This builds on ASIC Regulatory Guide 200 Access to advice for super fund members (RG 200) and ASIC’s Report 224 Access to Financial Advice in Australia (REP 224) in December 2010. This report found that one third of Australians now prefer piece-by-piece advice rather than holistic or comprehensive advice.
It also follows the update announcement by the Assistant Treasurer and Minister for Financial Services and Superannuation, Minister Bill Shorten, in April 2011 on the Future of Financial Advice reforms.
ASIC Chairman Greg Medcraft said: ‘Many Australians would like more information and advice before making a decision in relation to a financial product. This will help them to be confident and informed investors. The proposals outlined in ASIC’s consultation paper aim to improve access to advice and give guidance about how simple, piece-by-piece advice can be provided by anybody in the advice industry.’
[ilink url=”http://www.asic.gov.au/asic/asic.nsf/byHeadline/11%E2%80%93152MR%20ASIC%20consults%20on%20how%20to%20scale%20advice?opendocument”]See the full ASIC media release[/ilink] for futhre information and links to original documents including the consultation paper.
Submissions to CP 164 close on Thursday, 8 September 2011.