How much ASIC spent on its unmet advice needs project

The Australian Securities and Investments Commission (ASIC) has revealed it has spent $386,479.23 on its unmet advice needs project and does not intent to publish submissions to its consultation paper.

In answering a question on notice by Liberal senator Gerard Rennick, ASIC said the costs went to staffing at $236,975, and three pieces of commissioned research at $149,504.23.

ASIC noted that it received 466 submissions to its ‘Consultation Paper 332 Promoting access to affordable advice for consumers’ but had no plans to publish the submissions.

ASIC said this was because:

• ASIC would shortly publish a document which provided a high-level summary of key issues raised in the submissions and provides public transparency of the issues raised in response to CP 322;
• Some of the submissions to CP 332 were provided to ASIC in-confidence, and must be treated consistently with ASIC’s obligations under section 127 of the Australian Securities and Investments Commission Act, which sets out ASIC’s confidentially obligations; and
• Many of the submissions were made by individuals, namely individual financial advisers. These individuals may not welcome publication of their submissions and review of their comments by their employers and others.