Industry response to consultation on promoting consumer access to affordable advice
1 July 2021
ASIC today released an infographic summary of the response to Consultation Paper 332 Promoting access to affordable advice for consumers (CP 332). The infographic sets out the key issues raised by respondents in their submissions to CP 332.
ASIC undertook the consultation in November 2020 to seek input from financial advice industry participants and stakeholders to understand the issues and impediments impacting the supply of good quality affordable personal advice, and the practical steps that can be taken by ASIC and the industry to improve consumer access to the same.
The response to CP 332 was unprecedented, with ASIC receiving 466 submissions from financial advisers, licensees, industry associations and relevant stakeholders. ASIC thanks industry participants and other stakeholders who took the time to make submissions.
In CP 332, following on from the consultation, ASIC committed to :
- working with industry on the steps that they can take to address the issues around providing good-quality affordable personal advice. In April 2021, ASIC held roundtables with advisers, licensees, and industry associations to discuss the key issues raised in their submissions to CP 332 and to consider potential solutions. ASIC will continue discussions with industry as initiatives arising from the consultation are developed.
- setting out the actions ASIC will take to help industry provide both good-quality limited advice and affordable personal advice more broadly. Based on the feedback provided in the submissions to CP 332 and the roundtable discussions, ASIC has identified a number of initiatives that may assist industry participants in providing good-quality, affordable personal advice to consumers. ASIC intends to move forward with these initiatives as resources permit.
- passing on industry feedback to Government where relevant—for example, feedback on law reform. ASIC has provided industry feedback on issues relating to law reform to Treasury for consideration as part of the Quality of Advice review.
ASIC will continue to engage with industry on any initiatives to assist them with providing good quality, affordable advice to consumers.