Treasurer Josh Frydenberg’s mandate, along with the establishment of a “red tape reduction” unit and the sudden reversal on the adviser levy suggest major changes are afoot at ASIC. And in turn, perhaps, a new model for advice regulation.
Part of ASIC’s new approach will involve heavy scrutiny of popular social media personalities offering financial tips to their vast audiences. While the regulator has highlighted concerns including crypto investment scams and unlicensed personal advice, there’s another question to be asked: could these platforms be used to help advisers reach a new audience?
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