ASIC has released a consultation paper, CP 164, which proposes new guidance to advisers of retail clients.
The regulator proposes to update guidance for Australian financial services licensees about how to give scaled advice, as well as new guidance and examples of providing factual information, general advice and personal advice on non-superannuation topics.
"Many Australians would like more information and advice before making a decision in relation to a financial product. This will help them to be confident and informed investors," ASIC chairman Greg Medcraft said.
"The proposals outlined in ASIC's consultation paper aim to improve access to advice and give guidance about how simple, piece-by-piece advice can be provided by anybody in the advice industry," he said.
The guidance will be published in a new regulatory guide (RG) that builds on and expands the guidance and examples in RG 200, including the examples of scaled advice.
RG 200 will be withdrawn when the new regulatory guide is released.
The paper also proposes to revoke the relief provided to superannuation fund trustees from the requirement to have a reasonable basis for financial advice (s945A of the Corporations Act 2001).
"We have previously given licensed superannuation trustees and their authorised representatives class order relief from the requirements in s945A of the Corporations Act where personal advice is provided about a member's existing interest in their fund," the regulator said.
"Our understanding is that a number of superannuation funds are now giving scaled advice to members using our guidance in RG 200. There are also indications that very few funds are currently relying on the relief," ASIC said.
ASIC said that it continues to monitor the Future of Financial Advice proposals and will review its guidance in light of the final reforms.
