The financial advice industry in Australia: The regulator's perspective
A speech by ASIC Chairman Jeffrey Lucy to the Financial Planning Association, 24 November 2006, Melbourne.
Good morning and many thanks to the Financial Planning Association for the opportunity to speak to you today.
I think it is a timely opportunity and I welcome the chance to convey to you some of my views of where you, and your industry, are positioned currently.
As the wealth and savings of Australians continue to increase – some suggesting that our investment fund assets pool will more than double over the next ten years or so – it is clear that the need for financial advice will also continue to grow in importance.
We know that the average age of Australians is increasing. Our Government has undertaken deliberate policy initiatives to encourage funding for retirement to achieve less reliance on social welfare. These initiatives include the superannuation guarantee levy and superannuation reform more generally.
Prudent investment for retirement has never been so important.
Against this background, today, I would like to emphasise the value of financial advice and the key role that you play in providing it.
I'd like to give you ASIC's perspective on these issues, which I hope will contribute to your ongoing work in positioning the financial advice industry in Australia and abroad.