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. " In a speech that covered other issues around the regulation of digital businesses, Mr Medcraft called for law changes where feedback about businesses from social media could be used by regulators to take action against questionable operators. The Australian Securities & Investments Commission has also recently announced a crackdown on robo-advisors, with new rules to be introduced next year. 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.
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 Australian Securities & Investments Commission has also recently announced a crackdown on robo-advisors, with new rules to be introduced next year. 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.