The corporate regulator’s new chair, Joe Longo, has committed to allowing Australians to get access to affordable financial advice.
Appearing at the Senate Economics Committee for the first time as the Australian Securities and Investments Commission (ASIC) chair on Wednesday, Longo said it was important for consumers and investors to be able to participate confidently in the country’s financial markets.
“The part I am concerned about in this sector is that it is important for consumers to have access to affordable financial services advice and it will be one of my priorities to see what can be done to address that issue,” he said.
Longo noted the current system was complex and that there was a range of requirements financial advisers had to comply with.
“It’s a complex regime and the challenge for ASIC and policy makers is to figure out a way to make that regime more digestible and practical to the effect of consumers having affordable advice,” he said.
Longo also used his opening statement at the committee to announce that he would relocate from Perth to Melbourne for the role by 1 July.
“ASIC has agreed to pay the reasonable expenses associated with my onboarding and relocation,” he said.
“I have also taken steps to disclose my interests to the Treasurer and my fellow Commission members and have taken steps to manage potential conflicts of interests.”