An address by Greg Tanzer, Executive Director, Consumer Protection, to the Association of Superannuation Funds of Australia (ASFA), 10 November 2005.
The importance of advice
As Jennifer has been stressing, for Australian consumers, quality financial advice is more important than it has ever been. Direct and indirect participation by consumers in markets for financial products and services is at an all time high. And superannuation choice has added a major dimension, with more consumers now able to choose how their mandatory savings are managed.
ASIC's job is to promote a financial services industry that is efficient, flexible and innovative in the provision of financial products and services. We must also promote the confident and informed participation of investors and consumers in the financial services industry. ASIC recognises that the needs of both business and consumers must be met, and we work hard to try to balance those needs using a variety of approaches.
This morning, I want to focus on our shadow shopping work, some areas where we see room for innovation, on advertising and on consumer education.