Future of advice post FoFA

A speech by Peter Kell, Commissioner, Australian Securities and Investments Commission to the Association of Financial Advisers / Financial Services Council Leadership Forum, 1 May 2012.

'Over the last 12 months, ASIC’s chairman and commissioners have been speaking about ASIC’s three strategic priorities. They are:

  • confident and informed investors and financial consumers

  • fair and efficient financial markets, and

  • efficient registration and licensing.

Improving the quality of financial advice is critical to the first priority. If we improve trust and confidence in the financial advisory profession we will have confident investors and consumers. Improving quality and trust will also improve consumers’ access to financial advice.

Holding the gatekeepers of the financial service system to account is an important aspect of ASIC’s work and is fundamental to consumer trust. Gatekeepers, in the widest definition of the term, include accountants, directors, custodians, product manufacturers, market operators and participants, and of course financial advisers. ASIC has signaled it will take action where gatekeepers do not meet their responsibilities.'

 Read the full speech (PDF 106 KB)