ASIC to review large number of advice files
The Australian Securities and Investments Commission (ASIC) has signalled another major exercise which will drill down on “a large number of advice files” at the same time as other projects examining general advice and the training of bank staff and others handling basic banking products.
The focus has been revealed in the regulator’s latest Corporate Plan which references a project examining the effectiveness of measures to improve the quality of advice.
It said this would involve “assisting Treasury to implement the Financial Services Royal Commission recommendation to review the effectiveness of measures implemented by Government, regulators and financial services entities to improve the quality of advice”.
“This will include scoping and commencing the work (which will involve a large number of advice file reviews).”
The regulator said it would also be reviewing Regulatory Guide 146 dealing with training of financial product advisers and assessing what training standards applied to individuals providing general advice, or personal advice on basic banking products, general insurance, and consumer credit insurance, to retail clients.
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.