ASIC to review large number of advice files
The Australian Securities and Investments Commission (ASIC) has signalled another major exercise which will drill down on “a large number of advice files” at the same time as other projects examining general advice and the training of bank staff and others handling basic banking products.
The focus has been revealed in the regulator’s latest Corporate Plan which references a project examining the effectiveness of measures to improve the quality of advice.
It said this would involve “assisting Treasury to implement the Financial Services Royal Commission recommendation to review the effectiveness of measures implemented by Government, regulators and financial services entities to improve the quality of advice”.
“This will include scoping and commencing the work (which will involve a large number of advice file reviews).”
The regulator said it would also be reviewing Regulatory Guide 146 dealing with training of financial product advisers and assessing what training standards applied to individuals providing general advice, or personal advice on basic banking products, general insurance, and consumer credit insurance, to retail clients.
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