In its recent Annual Review, ASIC stated that it is currently undertaking a project which is focused on the challenges facing advisers in being able to meet their clients needs. This includes identifying the steps that ASIC and/or industry can take to overcome these challenges.
Advisers and industry participants were given an opportunity to provide feedback to this project by responding to Consultation Paper 332 Promoting Access to Affordable Advice in late 2020. Subsequent to receiving this feedback, ASIC held a number of round table discussions to further explore the issues raised.
ASIC is yet to release the findings of the Paper and/or the roundtable discussions, but clearly issues such as over regulation, inefficient compliance management and reporting, and the ever increasing cost of PI insurance would have been high priorities for those involved.