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ASIC, Consumer Groups Back Efforts To Simplify Financial Advice

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3 December, 2021 by Aleks Vickovich, Australian Financial Review

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The corporate regulator and consumer advocates support making financial advice less complex to provide and receive, adding their voices to the growing alarm that professional guidance is unaffordable for most Australians as millions of Baby Boomers approach retirement.

The Australian Securities and Investments Commission has told financial advisers they can legally limit the scope of their services to a single issue or narrow set of topics rather than always provide advice on a consumer’s whole financial life. For example, they might just focus on insurance or whether to ditch your superannuation fund.


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