At an industry event today , Greg Medcraft , chairman of ASIC , stated that computer - generated financial advice could reduce investment costs and eliminate conflicts of interest . Major domestic banks have been embroiled in financial scandals over the past couple of years . The regulator has established a taskforce to investigate the suitability of potential solutions and aims to pursue a collaborative approach to regulation with the innovators in the sector ; which is at an earlier stage than in the US and Europe . Stockspot is considered the leading player in the field , with new firms such as Ignition Group and Clover launching this year . In September , as reported in our briefings , NAB launched a digital advice service , but it fell short of recommending specific products .
At an industry event today, Greg Medcraft, chairman of ASIC, stated that computer-generated financial advice could slash investment costs and eliminate conflicts of interests. Major domestic banks have been embroiled in advice scandals over the past couple of years. The regulator has established a taskforce to investigate the suitability of potential entrants and aims to pursue a collaborative approach to regulation with the innovators in the sector; which is at an earlier stage than in the US and Europe. Stockspot is considered the leading player in the field, with new firms such as Ignition Wealth and Clover launching this year. In September, as reported in our briefings, NAB launched a digital advice platform, but it fell short of recommending specific products.