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CP 254 Regulating digital financial product advice

Released 21 March 2016. Comments due 16 May 2016

This consultation paper sets out ASIC’s proposed approach to the regulation of digital financial advice in Australia.

We are seeking the views of Australian financial services (AFS) licensees and their representatives who provide financial product advice to retail clients, and other interested parties.

Specifically, we are seeking feedback on our proposals relating to:

  • how the organisational competence obligation applies to AFS licensees in a digital advice context; and
  • how AFS licensees should monitor and test the algorithms underpinning digital advice.

We have set out our proposed guidance in the draft regulatory guide attached to this paper.

Download:

CP 254 (PDF 244KB)

Final RG 255

Report on submissions REP 490

Submissions

  1. Actuaries Institute of Australia (PDF 193KB)

  2. Adviser Network Pty Ltd (PDF 649KB)

  3. Association of Financial Advisers Ltd (AFA) (PDF 707KB)

  4. Association of Securities & Derivatives Advisers of Australia Ltd (ASDAA) (PDF 239KB)

  5. Association of Superannuation Funds of Australia (ASFA) (PDF 562KB)

  6. Australian Bankers’ Association Inc. (ABA) (PDF 508KB)

  7. AustralianSuper Pty Ltd (PDF 576KB)

  8. Decimal Pty Ltd (PDF 586KB)

  9. Doug Clark Consulting (PDF 536KB)

  10. Financial Ombudsman Service Australia (FOS) (PDF 240KB)

  11. Financial Planning Association of Australia (FPA) (PDF 193KB)

  12. Financial Services Council (FSC) (PDF 447KB))

  13. FinTech Australia(PDF 981KB)

  14. IG Markets Limited(PDF 1.1MB)

  15. Ignition Wealth Pty Ltd (PDF 96KB)

  16. Industry Super Australia Pty Ltd (ISA) (PDF 258KB)

  17. Insurance Australia Group Limited (IAG) (PDF 71KB)

  18. Investfit (PDF 77KB)

  19. Johnson Winter & Slattery (PDF 510KB)

  20. KPMG (PDF 993KB)

  21. Map My Plan Pty Ltd (PDF 108KB)

  22. Mercer Consulting (Australia) Pty Ltd (PDF 126KB)

  23. MIntegrity (PDF 166KB)

  24. National Insurance Brokers Association of Australia (NIBA) (PDF 66KB)

  25. QSuper (PDF 96KB)

  26. Retail Employees Superannuation Trust (REST)(PDF 993KB)

  27. Rubik Group Services Pty Ltd (PDF 191KB)

  28. Setchell, Mark (PDF 110KB)

  29. SuperEd Pty Ltd (PDF 160KB)

  30. Towers Watson Australia Pty Ltd (PDF 53KB)

  31. Westpac Banking Corporation(PDF 473KB)

  32. Wright, Jeremy (PDF 140KB)

 

Last updated: 16/07/2024 12:19