NIBA is seeking member input in order to put together a submission to an ASIC Consultation Paper on how to regulate digital financial product advice, also known as robo-advice.
Robo-advice occurs when a customer consults a website, and depending on answers to a number of questions, the site provides a recommended product or solution. ASIC has stated it sees digital advice as having the potential to offer Australian consumers access to good quality, low-cost financial advice.
The Consultation Paper sets out a number of matters ASIC believe need to be taken into account if you are intending to provide digital advice to retail clients. The paper also seeks feedback on a number of matters. Further details about the Consultation Paper are available here.
If any NIBA member has ideas and suggestions that they believe we should raise with ASIC, please forward them to me directly to NIBA CEO Dallas Booth. The submission needs to be completed by 16 May 2016.