Key Points:
Licensees are encouraged to make a submission so the
"Providing digital financial product advice to retail
clients" Regulatory Guide is as facilitative and helpful as
possible.
On Monday, 21 March 2016, ASIC released Consultation Paper 254
Regulating digital financial product advice that included a
draft Regulatory Guide "Providing digital financial product
advice to retail clients". The release is a welcome
development. The provision of digital advice has the potential to
grow rapidly as an accessible, trusted and low-cost service which
is affordable to retail clients.
However, while welcome, the draft Regulatory Guide does not deal
with some of the key regulatory issues impacting on digital advice,
including the extent to which digital advice is general or personal
advice; and while it sets out certain minimum ASIC expectations
relating to scaled advice and the best interests duty, it leaves
open critical questions in relation to how to
