ASIC releases affordable advice consultation paper

The paper, flagged by ASIC commissioner Danielle Press in October, seeks to promote the delivery of 'limited' or 'scaled' advice.

"ASIC is keen to receive feedback on the impediments to providing affordable and limited advice that ASIC and industry are able to address," the corporate regulator said when releasing the paper, titled 'Consultation Paper 332: Promoting access to affordable advice for consumers'.

"Your feedback is vital for us to better understand the impediments on the supply side. It will help us determine what meaningful steps we can take to help industry better provide good-quality affordable advice that meets consumers’ needs," Ms Press said about the paper.

ASIC said it was inviting feedback from the financial advice industry and "others with an interest in making affordable advice more accessible to consumers".

"Feedback on industry’s experience in providing limited, digital and strategic advice is of particular interest," the regulator said.

ASIC said as part of the paper it was seeking input into how example SOAs in its previous regulatory guides around scaled advice could be improved.