ASIC to conduct intra-fund advice surveillance
The Australian Securities and Investments Commission (ASIC) will conduct a surveillance of intra-fund advice.
The surveillance has been confirmed by ASIC deputy chairman, Peter Kell, who told the Association of Superannuation Funds of Australia (ASFA) conference the regulator was keen to better understand what was being delivered in the intra-fund advice environment.
He said it would be a comprehensive review which would also be looking at the technology being used to deliver intra-fund advice, how well it was working and whether funds were seeking deliver transition to retirement advice under the intra-fund advice label.
Kell said ASIC would be conducting on-site visits and seeking to drill down on the type of advice being provided.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
