ASIC releases digital advice guidance

Today, ASIC released its guidance on ‘digital’ (or ‘robo’ or ‘automated’) advice in Regulatory Guide 255: Providing digital financial product advice to retail clients (RG 255). RG 255 does not differ greatly from the draft regulatory guide issued by ASIC in March 2016, with its Consultation Paper 254. RG 255 includes the following measures and…

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ASIC acts on “one size fits all” rollover advice

Reflecting ASIC’s increasing focus on the adequacy of financial advice, ASIC has issued a media release about the imposition of additional licence conditions on an AFSL holder in response to deficiencies in its superannuation rollover advice activities including: failure to act in clients’ best interests failure to prioritise clients’ interests. The deficiencies appear to stem…

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Damning report on CBA compensation program

ASIC has released a report prepared by KordaMentha Forensic on the actions of Commonwealth Financial Planning Limited and Financial Wisdom Limited in compensating clients. This report, the first of three, confirms deficiencies in the original compensation scheme that lead ASIC to impose licence conditions on Commonwealth Financial Planning Limited and Financial Wisdom Limited in 2014.…

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Investigation into charging of advice fees without providing advice

ASIC is investigating instances of licensees charging for advice that has not been provided. In most cases, the fees have been charged as part of a client’s service agreement with their adviser. It is probably not a coincidence that the ANZ Bank announced recently that it will be compensating around 8,500 advice clients who did…

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