{"id":52950,"date":"2020-11-03T08:31:23","date_gmt":"2020-11-02T22:31:23","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=52950"},"modified":"2024-10-30T08:45:22","modified_gmt":"2024-10-29T22:45:22","slug":"complex-or-simple-financial-advice-poll-results","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2020\/11\/03\/complex-or-simple-financial-advice-poll-results\/","title":{"rendered":"Complex or Simple Financial Advice &#8211; Poll Results"},"content":{"rendered":"<div id=\"polls-242\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>Do you support the call to legally define 'personal financial advice' as either Simple or Complex?<\/strong><\/div><div id=\"polls-242-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Yes <small>(57%)<\/small><div class=\"pollbar\" style=\"width: 57%\" title=\"Yes (57% | 115 Votes)\"><\/div><\/li>\n\t\t<li>No <small>(30%)<\/small><div class=\"pollbar\" style=\"width: 30%\" title=\"No (30% | 61 Votes)\"><\/div><\/li>\n\t\t<li>Not sure <small>(13%)<\/small><div class=\"pollbar\" style=\"width: 13%\" title=\"Not sure (13% | 26 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_242_nonce\" name=\"wp-polls-nonce\" value=\"fd60b4461f\" \/>\n<\/div>\n\n<p>It seems the proposal to legally define personal financial advice as either complex or simple is not really that \u2026simple.<\/p>\n<p>Last week\u2019s poll sought your views on whether personal financial advice can be defined as either simple or complex, asking whether the relative complexity of the advice provided should inform the level of the qualifications the adviser needs, and the type of compliance which must be observed?<\/p>\n<p>And advisers were divided in their opinion. Just over half (54 percent) supported the call to redefine personal financial advice based on the level of complexity.<\/p>\n<p>However, one third (33 percent) didn\u2019t support the call while another 13 percent were unsure, indicating that 46 percent were not in favour of the idea.<\/p>\n<p>The call arose from a report by Rice Warner, commissioned by the FSC, which addressed whether personal financial advice could be re-defined as part of a broader agenda to open access to more affordable financial advice for more Australians (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2020\/10\/20\/launch-of-radical-plan-to-revamp-financial-advice\/\" target=\"_blank\" rel=\"noopener noreferrer\">Launch of Radical Plan to Revamp Financial Advice<\/a>).<\/p>\n<blockquote><p>&#8230;forced studies for risk specialists on topics they will never advise on&#8230;<\/p><\/blockquote>\n<p>The poll also garnered vigorous discussion from advisers with one noting: \u201d<em>Isn\u2019t the purpose of developing a definition of \u201csimple advice\u201d to lower the regulatory burden on advisers and allow for advice of lower level of information? My question is why would someone choose this lower level of information over what they could learn from a website?&#8221;<\/em><\/p>\n<p>Another wrote: <em> \u201cThe advised retail life insurance industry is in rapid decline due to the regulators and legal\/compliance teams inability to separate insurance advice from investment advice, which has led to the ridiculous position of forced studies for risk specialists on topics they will never advise on.\u201d<\/em><\/p>\n<p>The same commentator noted:<em> \u201c&#8230; a stubborn insistence on forcing advisers to do more compliance on simple advice, has led to the current position whereby now most Australians cannot afford advice. Thousands of very good advisers have left the industry, with thousands more to go, for NIL benefit to anyone.&#8221;<\/em><\/p>\n<p>Our poll is open for another week and we&#8217;d be interested to hear your views&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It seems the proposal to legally define personal financial advice as either complex or simple is not really that \u2026simple. Last week\u2019s poll sought your views on whether personal financial advice can be defined as either simple or complex, asking whether the relative complexity of the advice provided should inform the level of the qualifications [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":52955,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,49],"tags":[],"class_list":{"0":"post-52950","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance-regulation","8":"category-polls"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/52950","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=52950"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/52950\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/52955"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=52950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=52950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=52950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}