ASIC will release a guidance paper to address confusion among financial planners over the corporate regulator’s move to offer relief to superannuation trustees.
“There a bit of confusion around what the relief that has been granted to super trustees actually does mean,” ASIC senior executive leader – financial advisors Deborah Koromilas said.
“In the next couple of weeks we will come out with some guidance as to what that relief actually means from a financial planning perspective, and give some guidance around the giving of advice in these terms,” Koromilas said.
ASIC’s decision to release guidance papers was prompted by meetings it held between financial planning licensees and the FPA.
“What we were seeing is a misinterpretation of the legislation that can be seen to be a regulatory burden when it is not actually the regulation that requires it,” she said.
“We think there is a real need… for some clarification on those things, to actually assist planners deal with their clients and keep them calm.”
Speaking at last week’s FPA National Conference on the Gold Coast, Koromilas also took the opportunity to praise advisers for their work providing advice in a difficult market.
“The major issue… is the focus on the giving of advice. From my perspective, I just want to acknowledge the efforts the financial planners and those dealer groups actually go to,” she said.
Earlier this month, ASIC provided temporary relief for advice provided by super fund trustees.
The action means Super fund trustees can now approach ASIC to obtain temporary relief from strict compliance with the corporations legislation requirements on statements which may constitute personal financial advice.
