{"id":57755,"date":"2021-09-28T10:07:36","date_gmt":"2021-09-28T00:07:36","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=57755"},"modified":"2021-09-28T11:12:03","modified_gmt":"2021-09-28T01:12:03","slug":"is-the-tide-turning-for-advisers","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2021\/09\/28\/is-the-tide-turning-for-advisers\/","title":{"rendered":"Is the Tide Turning for Advisers?"},"content":{"rendered":"

The tide is turning for advisers, with strong signals from politicians and ASIC that the compliance burden needs to be lightened so advisers operate more effectively and efficiently, says the AFA\u2019s National President Michael Nowak<\/strong>.<\/p>\n

Speaking at the close of the AFA EVOLVE Conference<\/a> Nowak said addresses at the conference from Minister Jane Hume, <\/strong>Shadow Assistant Treasurer Stephen Jones<\/strong> and ASIC Chair, Joseph Longo<\/strong>, \u201c\u2026revealed a significant and welcome change in tone from Government, Opposition and the regulator towards the advice community.” (See: ALP Softens Position on Future of Risk Commissions<\/a>.)<\/p>\n

Nowak says this is encouraging and “…gives us reason to believe that the tide is turning for advisers and the advice sector after we\u2019ve been flooded by a tsunami of regulation.\u201d<\/p>\n

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Michael Nowak addresses the conference from Brisbane.<\/figcaption><\/figure>\n

He told the virtual attendees that the industry is being listened to and that there are actions in place \u201c\u2026to start to facilitate a more sensible working environment for financial advice.\u201d<\/p>\n

He added that the hard work by the AFA and other associations seems to be working and reminded delegates to look to the AFA if they need help and support in these challenging times.<\/p>\n

Financial Adviser Hub<\/strong><\/p>\n

ASIC Chair Joseph Longo told the conference that the regulator was looking at creating a Financial Adviser Hub on its website so relevant content was easier for advisers to find.<\/p>\n

It was also looking at adding extra guidance in the form of an example Statement of Advice, and an Information Sheet about Records of Advice.<\/p>\n

Longo explained that last year ASIC had looked at unmet advice needs and the impediments industry faced in providing quality affordable and limited advice to consumers.<\/p>\n

He said the feedback it received from industry consultations was that:<\/p>\n