With the timetable for industry stakeholders to make submissions to the Australian Securities and Investments Commission’s (ASIC’s) affordable advice review closing out today, the Minister for Superannuation, Financial Services and the Digital Economy, Senator Jane Hume, is urging advisers to their views clear.
In a statement issued late on Friday, Hume pointed out that the submissions process closed today (Monday) and urged stakeholders to read ASIC’s Consultation Paper 332 ‘Promoting access to affordable advice for consumers’ and to make submissions.
“The Government is focused on supporting the advice industry with fit-for-purpose regulation, while maintaining consumer protections,” she said in a statement. “We know that some interpretations of current regulatory settings are creating barriers to consumers seeking good-quality, affordable personal advice.
“The Government supports a well-regulated and vibrant financial advice sector that supports advisers seeking to help Australians make informed decisions about their personal finances and to make better use of their savings in retirement.”
Hume claimed that, “already, the Morrison Government has taken steps to professionalise the industry, reduce red tape, reinforce trust in advisers, and focus on a greater role for technology to help advisers access the tools they need”.
“We now look forward to considering the outcomes of ASIC’s current consultation process,” she said.