ASIC looks to super funds as advice providers

ASIC/australian-securities-and-investments-commission/superannuation-funds/super-funds/Royal-Commission/RC/advice-inside-superannuation/danielle-press/Bert-van-Manen/industry-funds/retail-funds/

16 September 2019
| By Mike |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) expects that it will be superannuation funds which deliver most advice to low-balance clients.

Asked about whether advice was becoming less affordable in the wake of the Royal Commission and other regulatory changes, ASIC pointed to advice inside superannuation.

Giving evidence before the Parliamentary Joint Committee on Corporations and Financial Services, ASIC commissioner, Danielle Press pointed to superannuation funds as being the likely conduit for advice delivery.

Under questioning from former financial adviser and Queensland Liberal back-bencher, Bert Van Manen Press said the regulator was aware of unfilled advice needs and the changes to the system.

“Advice in superannuation as well, and I believe that much of advice that lower income Australians will receive is through their superannuation fund,” she said.

“Super funds both industry and retail have been providing advice for a long time,” Press said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 4 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 2 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND