Submission on Consultation paper 332 – Promoting access to affordable advice for consumers

SMSF Association Submission

The SMSF Association welcomes the opportunity to make a submission to the Australian Securities and Investments Commission (ASIC) on Consultation Paper 332 – Promoting access to affordable advice for consumers. We believe this is an important step to better enable advisers to deliver more affordable and accessible financial advice to as many Australians as possible.

The SMSF Association has long called for a more efficient regulatory framework for financial advisory services. This is because the current regulatory advice model prevents SMSF trustees from obtaining the limited SMSF advice they require. After years of continual regulatory change, we have a framework that is complex and convoluted and hard to unwind.

However, we believe every effort should be made to implement ideas and changes, even where improvements may be difficult to fit into the existing framework. We have encouraged our members to respond to ASIC through the online functionality provided and we are hopeful that the responses provide constructive examples on the costs, compliance and pain points that restrict advisers from providing the advice consumers demand. We look forward to ASIC taking these points on board and introducing regulatory improvements.

This submission outlines key themes from the SMSF Association’s consultation with its members over the past few years. Additionally, in December we undertook specific roundtable consultation with our members on CP 332. We note areas for ASIC to consider and explore ways  of improving the financial advice process particularly in relation to the delivery of limited advice.

Submission on Consultation paper 332 - Promoting access to affordable advice for consumers


SMSF Association Submission