SYDNEY (CU)_Over the recent weeks, financial experts in Australia have raised their concern over the country’s wealth advice model, which has become increasingly complex and less affordable, pushing professional financial advice out of reach of a large number of consumers. Their views were reaffirmed by the Australian Securities and Investments Commission (ASIC), which called on financial advisers to move away from providing advice on a consumer’s whole financial life. Instead, the regulator suggested the imposition of a legal limit on the scope services provided by them to a single issue or a narrow group of topics.
In a much-anticipated ASIC’s guidance issued on Wednesday (1 Dec), wealth managers in the Trans-Tasman nation were given some…
