Key Takeaways:
🔹 Improving Advice Standards – While ASIC has seen positive improvements, poor-quality financial advice remains a concern, particularly in superannuation and property investment schemes.
🔹 2025 Enforcement Priorities – ASIC is targeting misconduct exploiting superannuation savings and unscrupulous property investment schemes, with a stronger enforcement approach.
🔹 Simplifying Compliance – The new Simplification Consultative Group will help address regulatory complexity, ensuring clearer, more enforceable rules.
🔹 Regulatory Guidance Updates – ASIC continues to refine and clarify guidance for financial advisers following the Delivering Better Financial Outcomes (DBFO) reforms.
🔹 SMSF Advice Review – ASIC is conducting a thematic review into self-managed super fund (SMSF) establishment advice, with findings expected in late 2025.
Impact on Financial Advisers:
- Closer scrutiny of SMSF advice and superannuation-related recommendations.
- Higher expectations for record-keeping and compliance with best interest duty.
- Stronger enforcement actions against advisers involved in misleading or high-risk investment advice.
ASIC’s firm stance on misconduct aims to protect consumers and strengthen trust in financial advice