No question. ASIC thinks advisers view it positively
The Australian Securities and Investments Commission (ASIC) says it has received positive feedback from financial advisers and industry associations about its consultative processes but has never actually surveyed advisers to determine what they think.
Outlining its consultative processes in answer to questions on notice to a Parliamentary Committee, ASIC acknowledged that it had never actually surveyed advisers for their opinions,
The regulator said that in 2019-20 it had met with “financial advice industry groups and other advice industry stakeholders” 137 times (not including engagement in a surveillance context).
“ASIC ensures that our engagement with the financial advice industry is effective through regular communications with industry and ensuring that we consult on major policies and issues with a broad range of stakeholders from industry, including industry associations, Australian financial services (AFS) licensees and individual financial advisers,” it said.
“This means that we hear perspectives from a broad cross-section of industry. For example, in relation to ASIC’s [Life Insurance Review] LIF Review, we established the LIF [life insurance framework] Working Group with representatives from both the advice and life insurance industries, as well as consumer advocacy groups and other government agencies,” the ASIC answer said.
“The LIF Working Group is designed to increase transparency around the LIF Review and to give industry an opportunity to provide guidance and feedback directly to ASIC. In March 2020, we briefed the LIF Working Group about the proposed sampling methodology for ASIC’s review of life insurance advice files. As a result of the feedback from the advice industry representatives, ASIC amended the methodology to reduce the burden on industry.”
Asked what sort of feedback it had received from advisers around its process, ASIC said it had “received positive feedback from financial advisers and industry associations in relation to our consultation process, for example, in relation to recent ASIC relief and communications during the COVID-19 pandemic.”
“ASIC seeks to work closely and collaboratively with the financial advice industry,” it said.
“ASIC has not conducted a separate survey to determine the satisfaction of financial advisers with the consultation process.”
Recommended for you
While the number of advisers switching tends to tick up at the end of the year, Padua Wealth Data reveals which business model sees the most adviser loyalty.
Private credit, auditor misconduct and super trustees have been listed among ASIC’s priorities as the regulator unveils its top focus points for the coming year.
Melbourne-based investment manager Woodbridge Capital has appointed an origination director for south-east Queensland, strengthening its foothold in the region as part of its national expansion strategy.
Barings has appointed a new head of Asia Pacific to succeed Duncan Robertson, who will retire after almost two decades with the firm.
