Access to advice research unlikely to be disclosed

The Australian Securities and Investments Commission (ASIC) has conducted research into access into advice but the outcome is unlikely to be published publicly and will instead form part of the Quality of Advice Review.

Appearing before the Senate Estimates, ASIC was questioned by Senator Anthony Chisholm on the outcome of research into access to advice.

This research work focused on:

• What financial decisions Australian consumers were required to make;
• What factors contributed to the cost of personal advice; and
• What types of information an adviser was required to gather and analyse when advising a consumer to switch from a financial product which the consumer holds to a new product.

Danielle Press, ASIC commissioner, said this information gathered would not be released publicly to the benefit of the wider adviser community.

“We haven't put that out publicly. It has been provided to Treasury and has now been taken over by the Quality of Advice Review that is currently underway.

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“The information that we added did shift a little from that time as time went on. But the cost of advice piece, which I think is probably what you are most interested in, was a piece that we really gathered to underpin our internal thinking around advice. It was never designed to be a public release.”