ASIC asked for formal written response on intra-fund advice


The Australian Securities and Investments Commission (ASIC) has been asked by a key Parliamentary Committee to deliver a written explanation of the status of intra-fund advice.
The chair of the House of Representatives Standing Committee on Economics, Tim Wilson made the request for a written explanation after strong questioning directed at ASIC commissioner, Danielle Press, by NSW Liberal back-bencher, Jason Falkinski.
Falinksi was seeking to get clarity around the status of intra-fund advice and whether it was regarded as personal advice or general advice.
Press answered that intra-fund advice was personal advice but was covered by a carve-out.
Wilson intervened to ask that ASIC reflect upon early evidence given to the committee and the issues raised by Falinski and then provide a formal written response “to provide clarity around” the issue.
Recommended for you
Financial Services Minister, Stephen Jones, has assured the cost and time to enter the financial advice profession will soon be halved, as shadow treasurer Angus Taylor pledges to reach 30,000 advisers.
The positive results of the latest financial adviser exam have helped the advice profession reach 15,600 yet again, according to Wealth Data analysis.
Financial advice firms have told Adviser Ratings they are planning to increase their compliance spend by almost a third, including on enhancements to their cyber security which ASIC has identified as an enforcement priority.
The digital advice platform is officially launching into the financial advice sector, offering up its services to practices as a means of engaging with the next generation of clients.