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Issue 598, 8 April 2016 

In this issue: 

 

Robo-advice: ASIC consultation 

ASIC has recently released a consultation paper and a draft regulatory guide on regulating digital financial product advice (robo-advice): Consultation Paper 254 Regulating digital financial advice and draft Regulatory Guide 000 Providing digital financial product advice to retail clients. 

The draft regulatory guide brings together some of the issues that those providing, or intending to provide, digital advice to retail clients need to consider when operating in Australia—from the licensing stage through to the actual provision of advice. 

ASIC is also seeking feedback on issues that are unique to digital advice businesses, in particular: 

If you have any feedback that you would like ASFA to consider including in a submission to ASIC, please forward it to Glen McCrea by close of business Friday 22 April 2016. 

 

Governance and culture: APRA’s focus areas 

On 5 April 2016 the APRA deputy chairman, Helen Rowell, gave a speech on governance and culture in superannuation and highlighted some of the current areas of industry practice that APRA is, or will be, focusing on over 2016. Some of the key points included: 

 

Generic financial calculators: ASIC relief 

ASIC has issued a new legislative instrument to preserve the effect of relief given to providers of generic financial calculators from obligations in the Corporations Act 2001 regarding Australian financial services licensing, conduct and disclosure. 

That relief, previously given via Class Order [CO 05/1122] Relief for providers of generic financial calculators, expired on 1 April 2016. 

On 30 March 2016, ASIC registered ASIC Corporations (Repeal) Instrument 2016/230 and ASIC Corporations (Generic Calculators) Instrument 2016/207, which repeal and replace [CO 05/1122] and continue relief for providers of generic financial calculators, where the provider takes reasonable steps to meet a number of conditions as outlined in Instrument 2016/230. 

 

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