Access to advice research unlikely to be disclosed

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.
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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.”

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….and this commentary by ASIC sums up the problem.
The regulator refusing to disclose very important information that would assist the industry and advisers.
What have ASIC got to hide??
How did ASIC gather the data ?
What groups did ASIC consult with in order to collate the data.
Did ASIC consult or engage with consumer groups such as their all time favourite, CHOICE ??
What level of taxpayer funds were used in the data collection process?
Did ASIC again pay their favourite Griffith University academics to provide opinions or reports ??
It seems that ASIC want to keep this information private until it is lost within the Quality of Advice Review.
Why ??
If Money Management want to do some hard edge investigative reporting then get to the bottom of these issues and drill down into the content of ASIC’s data and then report the information.

Why would Ms Press release something that would condemn her own organisation for removing the ability to access advice for ordinary Australians.

Happy to ream an adviser for failing to issue an FSG but not willing to fess up to their own gargantuan mistakes.

Hypocrisy, double standards and incompetence rule OK!

Why cant we have open sharing of information

No surprise there. Why would ASIC release a report that would have to show they caused the problem in the first place?

Advice is pretty affordable on Tik Tok.

Best to keep this all behind closed doors and allow the lobbyists and bureaucrats sort this out, everyone keeps there jobs in that event and sure there's a bit of collateral damage in the private and public community, but hey we'll be down the beach house by then telling ourselves we did our best in providing public service.

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