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ARTICLE · 28 MARCH 2016

Robo-advice gets regulated: consultation on new regulatory guide commences

Corrs Chambers Westgarth
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ASIC has reaffirmed its "technology neutral" approach to financial services regulation in this new consultation paper.

AustraliaFinance and Banking
Michael Chaaya
Michael Chaaya
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ASIC has reaffirmed its "technology neutral" approach to financial services regulation in a new consultation paper to address organisational competence, "adequate resources" and risk management issues associated with robo-advice. Unfortunately for the advice industry, only a limited amount of guidance has been provided on the other issues we previously identified with deploying robo-advice in Australia.

Public consultation on issues associated with the likely compliance costs, effect on competition and details of other impacts, costs and benefits of ASIC's regulatory approach will occur until 16 May 2016. The details are set out in ASIC Consultation Paper 254 Regulating digital financial product advice and draft regulatory guide Providing digital financial product advice to retail clients. We have extracted some of the key issues in the consultation below.

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