Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Access to advice research unlikely to be disclosed

ASIC/danielle-press/

14 April 2022
| By Laura Dew |
image
image image
expand image

The Australian Securities and Investments Commission (ASIC) has conducted research into access into advice but the outcome is unlikely to be published publicly and will instead form part of the Quality of Advice Review.

Appearing before the Senate Estimates, ASIC was questioned by Senator Anthony Chisholm on the outcome of research into access to advice.

This research work focused on:

  • What financial decisions Australian consumers were required to make;
  • What factors contributed to the cost of personal advice; and
  • What types of information an adviser was required to gather and analyse when advising a consumer to switch from a financial product which the consumer holds to a new product.

Danielle Press, ASIC commissioner, said this information gathered would not be released publicly to the benefit of the wider adviser community.

“We haven't put that out publicly. It has been provided to Treasury and has now been taken over by the Quality of Advice Review that is currently underway.

“The information that we added did shift a little from that time as time went on. But the cost of advice piece, which I think is probably what you are most interested in, was a piece that we really gathered to underpin our internal thinking around advice. It was never designed to be a public release.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

3 days 20 hours ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

4 weeks ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

6 days 14 hours ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

2 weeks 1 day ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

1 week 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND