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The corporate regulator also expects its focus on financial advisers to decline and looks to provide better examples of records of advice to decrease the compliance burden.
While ASIC is trying to make the regulatory settings for advice more manageable, chair Joe Longo said advisers will need to hold up their end of the bargain by complying with the "spirit" of new laws and promoting the industry.
"There are so many oversight bodies in financial advice now I can barely remember them all," admitted the senator, who said the Better Advice Bill would streamline the industry and be the first step in making life easier for advisers. Shortly after, ASIC chair Joe Longo revealed a new advice hub is being developed for the regulator's website.
Since the Retail Distribution Review the UK advice industry has sharpened its proposition with better processes, more symbiotic relationships and a "joint world view" between advisers and their licensee networks, observes CoredData CEO founder Andrew Inwood. Australian advisers can get ahead of the curve on all these developments, he says.