The Australian Securities and Investments Commission (ASIC) plans to create more model statements of advice (SOAs) to cover a range of different advice scenarios. The regulator also hopes to strip the documents down to their bare essentials.

Financial service providers are cautious about the moves, but ASIC Chairman Jeffrey Lucy says the regulator will complete the project regardless.

ASIC unveiled its first model SOA last August. It hopes to soon release standardised examples for basic share portfolio questions, comprehensive financial plans and advice on switching superannuation accounts.

Mr Lucy says ASIC is determined to keep the documents as simple as possible. Statements of advice would ideally be deliverable via email.

Opening ASIC’s Summer School, he said the SOAs were an attempt to reduce the conflict between the industry and consumers. “Industry might argue, for example, that consumers ‘get their way’ in being provided with disclosure documents like… statements of advice.

“Consumers, on the other hand, might suggest that the length of some of these documents indicates that they are not for their protection at all, but rather to mitigate potential liability for their creator.”

Mr Lucy says he is committed to reducing the paperwork at all levels of the industry.

“We have simplified the process providers must go through to obtain an Australian financial services licence, reducing the paperwork involved by at least 50%,” he said. “Additionally, we are improving the quality and ‘useability’ of our regulation communications.”