Broadly speaking, FINSIA agrees that it is appropriate to review the IFM at this point, given it has been in place since 2017. 

While it is our opinion that the current model which ensures ASIC’s regulatory activities are paid for by those creating the need for regulation rather than taxpayers is appropriate and should continue, it is also our view that aspects of the current system need to be reviewed. 

Broadly speaking, FINSIA is supportive of the direction in which the proposals are moving as part of this Review. It is essential, in our opinion, that the Review continue to reflect on the current design of the policy and regulatory framework that surrounds financial advice in Australia, and to advance recommendations for reform that will deliver to consumers more affordable and accessible financial advice. In our opinion, the full suite of recommendations put forward in the Proposals Paper should, on balance, deliver to consumers wider access and improved affordability of financial advice.