ASIC relief changes ‘more important than ever’: Hume
Senator Jane Hume has said the changes by the Australian Securities and Investments Commission (ASIC) to assist consumers impacted by COVID-19 to receive financial advice are ‘more important than ever’.
On Tuesday, ASIC announced it would allow consumers:
- To access immediate, low-cost advice about whether to take advantage of early access to superannuation;
- To receive advice more quickly, through a shorter-form record of advice, where they have been impacted by the COVID-19 pandemic; and
- To increase the availability of time-critical advice – by extending the timeframe for providing a long-form statement of advice from five to 30 days after advice is provided.
Senator Hume said the changes were ‘more important than ever’ as Australian consumers and investors dealt with turbulent markets.
“It is more important than ever for Australian consumers to get sound advice on how to manage their financial affairs,” she said.
“These measures will help ensure all Australians impacted by the COVID-19 pandemic can quickly access the financial advice they need.”
The temporary measures would be accompanied by additional surveillance activity by ASIC to ensure advisers, registered tax agents and superannuation trustees were acting in the best interest of clients and members.
AUTHOR
Laura Dew
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
