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ASIC releases draft regulation on robo-advice
ASIC releases draft regulation on robo-advice
ASIC has issued a draft regulatory guide and consultation paper on robo-advice, addressing issues unique to the growing automated advice industry.
In a statement, ASIC said the draft regulation addresses issues that persons providing digital advice to retail clients need to consider - from licensing through to the provision of advice.
ASIC commissioner John Price said: "ASIC is committed to helping industry take advantage of the opportunities offered by robo-advice while ensuring that investor and financial consumer trust and confidence are not compromised."
"We see digital advice as having the potential to offer Australian consumers access to good quality, low-cost financial advice," Mr Price said.
The regulator is also seeking feedback on issues such as the organisational competence obligation that applies in a digital advice context and the ways in which digital advice licensees should monitor and test their algorithms.
"We encourage industry and other stakeholders to take part in this consultation process," Mr Price said.
ASIC indicated that the draft guidance was prompted by engagement with digital advice providers about their business models.
"It became clear that digital advice providers would benefit from additional ASIC guidance specific to digital advice," the statement said.
In the statement, ASIC also made its definition of robo-advice clear: "Digital advice (also known as 'robo-advice' or 'automated advice') is the provision of automated financial product advice using algorithms and technology and without the direct involvement of a human adviser."
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