Accessible affordable advice priority for new ASIC chair
The corporate regulator’s new chair, Joe Longo, has committed to allowing Australians to get access to affordable financial advice.
Appearing at the Senate Economics Committee for the first time as the Australian Securities and Investments Commission (ASIC) chair on Wednesday, Longo said it was important for consumers and investors to be able to participate confidently in the country’s financial markets.
“The part I am concerned about in this sector is that it is important for consumers to have access to affordable financial services advice and it will be one of my priorities to see what can be done to address that issue,” he said.
Longo noted the current system was complex and that there was a range of requirements financial advisers had to comply with.
“It’s a complex regime and the challenge for ASIC and policy makers is to figure out a way to make that regime more digestible and practical to the effect of consumers having affordable advice,” he said.
Longo also used his opening statement at the committee to announce that he would relocate from Perth to Melbourne for the role by 1 July.
“ASIC has agreed to pay the reasonable expenses associated with my onboarding and relocation,” he said.
“I have also taken steps to disclose my interests to the Treasurer and my fellow Commission members and have taken steps to manage potential conflicts of interests.”
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
