It is music to our ears - it appears that new ASIC Chair Joe Longo is hearing the long-held views of the industry he is regulating, by stating at the most recent Sentate Estimates hearing that the financial services sector is suffering from ‘regulatory overload’ and that advisers ‘feel an extraordinary amount of pressure’.
During the hearing, Longo talked about the importance of consumers having access to affordable advice and also said that this would be one of his priorities.
This is why we are so excited about the launch of 3Lines. Over years of talking to advisers, both representatives of larger dealer groups and those who are self-licensed, it is clear to us that the burden of compliance can be overwhelming. 3Lines’ aim is to simplify compliance, so users can get back to the business of doing business. It is a one stop shop for the management of regulatory compliance obligations. 3Lines is a cloud-based platform that is accessible by all functions within a licensee – from the Responsible Manager down to individual representatives.
It is our aim that all users of the platform feel empowered to act within clear boundaries, guided by simple and clear logic. Here’s hoping that Longo shares this sentiment – time will tell!