Latest Articles

The drive towards automated financial services will gather pace in 2016 and here’s the next opportunity to influence the debate. After updating its relief to better facilitate electronic delivery of mandated disclosure and the use of innovative product disclosure statements (see RG 221), ASIC has released Consultation Paper CP 249 Remaking ASIC class order on generic financial calculators together with a draft form of the revised ASIC instrument. Submissions for this consultation process close…
After recently releasing a consultation paper aimed at facilitating innovative financial services disclosure (see our previous blog), ASIC has announced a joint industry project to develop such innovative disclosure. As part of the project, ASIC will work with AMP and Vanguard to develop and user-test a short, online ‘key facts’ sheet and a self-assessment tool to guide investor understanding. ASIC may also work with other product providers in future. The findings from this new…
With the Streamlining Regulations now disallowed, a key question for the financial services industry will be what the future holds for dealings between advisers and their clients (see our previous blog for the consequences). In a statement issued by the Finance Minister, Senator Mathias Cormann, the Government has indicated an intention to return its proposed Future of Financial Advice (FOFA) laws  for further debate in the Senate. The next battleground is therefore likely to be fought…
With continued public scrutiny and increased pressure on the financial advice industry, the Senate yesterday passed a motion disallowing the latest Future of Financial Advice Regulations (Streamlining Regulations). As a result, the original Future of Financial Advice (FOFA) reforms as enacted by the former Labor Government came into effect immediately. ASIC’s Facilitative Approach Recognising the difficulties faced by financial services providers and consistent with other major policy reforms, ASIC has published a Media Release outlining…
ASIC has recently released Consultation Paper 224 seeking feedback on its proposed relief and updated guidance (revised RG 221) to facilitate electronic delivery and more innovative use of product disclosure statements (PDSs). ASIC Commissioner John Price said, ‘ASIC is focused on making disclosure more effective and meaningful for consumers of financial services. We want to encourage more innovative ways of delivering important information presented in a way that consumers can understand and act…