ASIC launches financial adviser hub to increase regulatory certainty

Acting on industry feedback, the corporate regulator has launched the Financial Advice Hub for advice licensees and advisers.

The centralised financial advice web page is supposed to act as a one-stop access point for pertinent guidance and information impacting financial advice licensees, advisers, and relevant stakeholders.

“The financial adviser webpage is just one in a range of initiatives that ASIC has scheduled for release in response to calls to better assist advice licensees and advisers in their efforts to provide good-quality and affordable personal advice to consumers,” the corporate regulator said in a statement. 

ASIC developed the web page following feedback, in response to Consultation Paper 332: Promoting access to affordable advice for consumers (CP 332), that ASIC’s guidance was hard to find. 

“As part of CP 332, we asked industry to provide feedback about the impediments to providing good quality and affordable advice. We received an unprecedented 466 submissions from industry participants and relevant stakeholders,” ASIC said.

“Part of the response from industry asked for shorter, simpler, and more user-friendly guidance with practical examples.”

ASIC added that it anticipates that these new initiatives can help industry participants reduce compliance costs and deliver personal advice more efficiently and effectively.

“We will continue to engage with industry on initiatives to assist them with providing good quality and affordable advice to consumers as resources permit,” the corporate regulator vowed.