The Australian Securities and Investments Commission (ASIC) expects that it will be superannuation funds which deliver most advice to low-balance clients.
Asked about whether advice was becoming less affordable in the wake of the Royal Commission and other regulatory changes, ASIC pointed to advice inside superannuation.
Giving evidence before the Parliamentary Joint Committee on Corporations and Financial Services, ASIC commissioner, Danielle Press pointed to superannuation funds as being the likely conduit for advice delivery.
Under questioning from former financial adviser and Queensland Liberal back-bencher, Bert Van Mannen, Press said the regulator was aware of unfilled advice needs and the changes to the system.
“Advice in superannuation as well, and I believe that much of advice that lower income Australians will receive is through their superannuation fund,” she said.
“Super funds both industry and retail have been providing advice for a long time,” Press said.