ASIC proposes IDPS rule changes
The Australian Securities and Investments Commission (ASIC) is calling for public comment on a series of proposals regarding changes to the regulation of investor directed portfolio services (IDPS).
As well as being relevant to IDPS operators and registered schemes, the proposals also cover financial adviser recommendations and aim to reduce complexity, barriers to entry and regulatory burden.
ASIC is aiming to adopt a more principle-based approach to IDPS regulation while ensuring adequate consumer protection is maintained through good advice and disclosure.
A set of proposals relevant to superannuation fund trustees concerning product disclosure delivery is also available for public comment.
As part of the regulatory review, ASIC will also amend class order investor directed portfolio services and class order investor directed portfolio-like services provided through a registered managed investment scheme, to clarify what must be contained in an auditor’s report concerning continuous electronic access.
The IDPS consultation paper is available at the ASIC website, with the opportunity to submit comment closing on September 4.
AUTHOR
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
