AFA to make specific recommendations to ASIC
With financial advisers busy helping clients navigate the market volatility surrounding the COVID-19 pandemic with almost all of them doing phone or video consultations, the Association of Financial Advisers (AFA) will be making representations to the Australian Securities and Investment Commission (ASIC) for a realistic regulatory approach.
AFA general manager, policy & professionalism, Phil Anderson said that rather than just asking ASIC to adopt a facilitative approach through the current situation, the AFA would be making some specific recommendations based on advisers’ real-time experience.
Financial advisers have told Money Management that their major concern is dealing with the inevitable paperwork which accumulates when providing advice, particularly lengthy statements of advice (SOAs) and client data documents.
They said that the situation was made even more problematic because, in many instances, the advisers were working from home without their usual access to office infrastructure and support.
“Advisers are busy at the moment, at they should be,” Anderson said. “But we’re very conscious of the range of issues confronting them and the timeframes within which they are working with respect to ROA’s and SOA’s.”
However, he said that rather than seeking some generalist undertakings from ASIC, the AFA would be making some specific recommendations reflecting the reality confronting advisers
Recommended for you
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
ASIC was active in the first quarter of 2025 with several financial adviser bannings and court action, while the FSCP also handed down outcomes to advisers.
With a joint venture announced between WT Financial and Merchant Wealth Partners, the firm may have a US background, but partner David Haintz has a long history with Australian financial advice.
The big four bank is set to see $40 million per annum in cost savings as it continues to migrate customers from its Asgard wealth platform to BT Panorama by FY26.
