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ANZIIF urges engagement on ASIC review

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The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) says it will assist PricewaterhouseCoopers (PwC) in developing recommendations around training and education standards that apply to financial advice providers.

The Australian Securities and Investments Commission (ASIC) has appointed PwC to undertake research and analysis into the standards in Regulatory Guide 146: Training of financial product advisers.

“As a long-standing member on the PwC Industry Reference Council, ANZIIF is pleased to support PwC to undertake the review, which we believe will form the basis of a comprehensive review of RG146,” ANZIIF CEO Prue Willsford said.

“The review will have the largest effect on brokers, underwriting agencies operating in the retail environment and insurers who operate both advice and no-advice models.”

Ms Willsford says the PwC review has an “extremely short” timeframe of two weeks and those with views on the regulatory guide are encouraged to engage in the process.

ANZIIF is engaging with groups including the Insurance Council of Australia, Underwriting Agencies Council, National Insurance Brokers Association and leaders within ANZIIF’s faculty boards and councils.