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Automated Advice Report

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This report provides an analysis and evaluation of current regulatory regimes for financial advisors, how they are required to operate and the advantages and disadvantages of automated advice in regards to regulations. It will investigate the current law and regulations under the Future of Financial Advice legislation as well as other applicable legislations. The results indicated that a lack of trust between retail clients and financial advisors have lead to the implementation of the Future of Financial advice and the introduction of automated advice in a attempt to reinvigorate confidence in the Australian financial system. Nevertheless, ASIC needs to change its neutral based approach to technology regulation in order for automated advice to be effectively implemented. 2.0 Regulatory Regimes 2.1 Regulatory Regimes Implementation Regulatory reforms in the Future of Financial Advice (FoFA) have derived from the Corporations Agreement 2002. Which conditions that State referral of legislation power and enactment of national law of regulation of financial products and services Cl 301(1). As well as the Intergovernmental agreement for the …show more content…

However due to the nature of relationship between clients and financial advice, automated advice is entering the market at a sensitive period. I believe that the automated advice systems would be a tremendous asset to the market providing basic financial advice, allowing the advisors in person to provide more detailed and complex advice. ASIC has always held a neutral approach to technology regulation, and it is clear that this will have to change in order not to tarnish the already volatile Australian financial system. I believe that by limiting the automated advice to basic financial advice we are reducing the faults and allowing ASIC to implement further sound

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