ASIC looks to super funds as advice providers
The Australian Securities and Investments Commission (ASIC) expects that it will be superannuation funds which deliver most advice to low-balance clients.
Asked about whether advice was becoming less affordable in the wake of the Royal Commission and other regulatory changes, ASIC pointed to advice inside superannuation.
Giving evidence before the Parliamentary Joint Committee on Corporations and Financial Services, ASIC commissioner, Danielle Press pointed to superannuation funds as being the likely conduit for advice delivery.
Under questioning from former financial adviser and Queensland Liberal back-bencher, Bert Van Manen Press said the regulator was aware of unfilled advice needs and the changes to the system.
“Advice in superannuation as well, and I believe that much of advice that lower income Australians will receive is through their superannuation fund,” she said.
“Super funds both industry and retail have been providing advice for a long time,” Press said.
Recommended for you
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
TAL has introduced four new courses to its Risk Academy focused on ethical dilemmas as part of Ethics Month to help advisers meet their CPD requirements.
Unadvised Australians believe they need $2 million to retire comfortably, according to Colonial First State, a wide variance compared to advised individuals which estimate $1.3 million.
