{"id":55407,"date":"2021-04-19T13:46:07","date_gmt":"2021-04-19T03:46:07","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=55407"},"modified":"2021-04-20T14:05:47","modified_gmt":"2021-04-20T04:05:47","slug":"fsc-seeks-adviser-input-on-new-paper-on-financial-advice","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2021\/04\/19\/fsc-seeks-adviser-input-on-new-paper-on-financial-advice\/","title":{"rendered":"FSC Seeks Adviser Input on New Paper on Financial Advice"},"content":{"rendered":"

The FSC has issued Affordable and Accessible advice: FSC Green Paper on financial advice<\/em><\/a> “to lead the public policy debate on a restructure of financial advice” and it particularly wants to hear from advisers.<\/p>\n

FSC CEO Sally Loane<\/strong> says in a statement that the financial advice industry is facing significant challenges, with rising regulatory requirements and cost pressures undermining the economics of the sector.<\/p>\n

\u201cThe burden of compliance is doing nothing to help consumers, it\u2019s actually putting advice beyond the means of average Australians and driving advisers out of the sector.\u201d<\/p>\n

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Sally Loane…the FSC supports the Best Interests Duty remaining the bedrock of the advice sector…<\/figcaption><\/figure>\n

She says the council\u2019s aim with these proposals is to lower the cost of providing financial advice to make it simpler for consumers to understand and access \u201c\u2026all without undermining the quality of advice or eroding important consumer protections.\u201d<\/p>\n

The council states that it supports the Best Interests Duty remaining the bedrock of the advice sector and for advisers to be held to a high standard of education and subject to a Code of Ethics.<\/p>\n

\u201cThere are significant opportunities, however, to reduce the cost and complexity of providing financial advice,\u201d it says.<\/p>\n

… the proposals are bold and canvass fundamental changes to the legislative and regulatory framework..<\/p><\/blockquote>\n

The FSC says the proposals in its Green Paper, which has been developed with the FSC\u2019s advice licensee members, are bold and canvass fundamental changes to the legislative and regulatory framework, including:<\/p>\n