ASIC today released a consultation paper and a draft Regulatory Guide on regulating digital financial product advice (also commonly known as robo-advice).
ASIC Commissioner John Price said, 'ASIC is keen to see a healthy and vibrant digital advice sector. We see digital advice as having the potential to offer Australian consumers access to good quality, low-cost, financial advice.'
As part of its commitment to encouraging innovation that may benefit consumers, ASIC has developed draft guidance on the provision of digital product advice to retail clients. This guidance follows direct engagement with digital advice providers about their business models. During that engagement it became clear that digital advice providers would benefit from additional ASIC guidance specific to digital advice.
ASIC's draft regulatory guide brings together some of the issues that persons providing, or intending to provide, digital advice to retail clients need to consider when operating in Australia—from the licensing stage (i.e. obtaining an Australian financial services (AFS) licence) through to the actual provision of advice.
ASIC is also seeking feedback on issues that are unique to digital advice businesses, in particular:
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ASIC Consults On Proposed Guidance About 'Robo-Advice'
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