ASIC remakes key general advice class order
The Australian Securities and Investments Commission (ASIC) has remade the regulatory class order which substantially underpins the provision of general advice by bank and industry fund employees after receiving positive feedback from both the industry funds and the Financial Services Council (FSC).
ASIC confirmed the remaking of the class order covering "financial product advice — exempt documents" on Friday at the same time as releasing submissions received from the FSC and the Australian Institute of Superannuation Trustees (AIST) strongly supporting the move.
Both organisations said they regarded the class order, which effectively allows banks and superannuation funds to issue documents prepared to support general advice as being "sensible" "good policy".
According to the ASIC announcement confirming the remaking of the class order, only two non-confidential submissions were received on the issue — those of the FSC and the AIST.
Recommended for you
ASIC has commenced civil penalty proceedings in the Federal Court against superannuation trustee Diversa Trustees, regarding the First Guardian Master Fund.
The winners have been announced for the 2025 Super Fund of the Year Awards, held in Melbourne on 26 November by Money Management's sister brand Super Review.
Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
