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 . NAB and Commonwealth Bank of Australia have both been embroiled in advice scandals driven by poorly structured incentives for human advisers. 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 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 .