The Australian Securities and Investments Commission (ASIC) has remade the regulatory class order which substantially underpins the provision of general advice by bank and industry fund employees after receiving positive feedback from both the industry funds and the Financial Services Council (FSC).
ASIC confirmed the remaking of the class order covering “financial product advice — exempt documents” on Friday at the same time as releasing submissions received from the FSC and the Australian Institute of Superannuation Trustees (AIST) strongly supporting the move.
Both organisations said they regarded the class order, which effectively allows banks and superannuation funds to issue documents prepared to support general advice as being “sensible” “good policy”.
According to the ASIC announcement confirming the remaking of the class order, only two non-confidential submissions were received on the issue — those of the FSC and the AIST.
