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The Role and Value of Digital Advice in Australia, developed in collaboration with CoreData and Borromean Consulting, examines the evolving role of digital advice across the financial advice ecosystem, drawing on national consumer research, industry interviews and international case studies. It highlights the growing importance of digital advice in improving access to financial guidance and supporting better retirement outcomes. The research finds that digital advice is now an established and accessible alternative to unregulated online sources, supporting individuals to engage with their finances earlier, improving their confidence to act when decision points arise, and complementing, rather than replacing, professional financial advice. In particular, the report highlights that: Digital advice improves decision-making confidence and follow-through on financial decisions; Digital advice is helping bridge the advice gap by providing a lower-cost, accessible entry point to financial guidance, particularly for consumers not currently engaging with professional advice; Consumers who engage with digital tools are significantly more likely to seek full professional advice, and to do so earlier; and Digital and human advice function as complementary components of an advice ecosystem, with strong consumer preference for hybrid models that combine digital tools with access to human judgement.Key FindingsDigital advice users are more likely to seek financial advice Among those aged 55–59 (a key pre-retirement group) digital users are more than three times as likely to seek financial advice in the next 12 months compared to non-users (44 per cent vs 13 per cent). This pattern is consistent across other cohorts and timeframes. Digital advice users are more likely to engage with professional retirement adequacy and investment advice in the next year, with the majority indicating they are more likely to engage with full professional advice in the future Among Australians concerned about having enough to retire, 28 per cent of digital users intend to seek advice in the next 12 months, compared to 11 per cent of non-users. This gap widens over time, with 35 per cent of users intending to seek advice in the next 2–3 years and 52 per cent in the longer term, versus 14 per cent and 34 per cent respectively for non-users. A similar pattern is observed for those concerned with investing. 40 per cent of digital users plan to seek advice within 12 months (compared to 22 per cent of non-users), increasing to 49 per cent over 2–3 years and 60 per cent in the future, compared to 23 per cent and 38 per cent among non-users.Digital advice users are more likely to seek advice sooner Digital users are 2–2.5 times more likely to seek retirement advice over the next 3 years compared to non-users.All age cohorts are comfortable engaging with a combination of human and digital advice (hybrid models), particularly among older Australians Roughly half of digital users (53 per cent aged 55–59; 48 per cent aged 60 and above) prefer a combination of human and digital advice. This figure is slightly lower among younger cohorts, with 39 per cent of those under 35 preferring hybrid models.Trust in artificial intelligence-enabled advice increases when human judgement is explicitly part of the model 33 per cent of digital advice users, and 28 per cent of non-users, report greater trust in digital advice with an AI component when supported by human oversight.DOWNLOAD THE RESEARCH PAPERREAD THE MEDIA RELEASE ._ERbj1g7D { position: relative; } ._VWvqNvR9 { vertical-align: middle; } ._7XqAY8_A > span:last-child { line-height: inherit; } ._7XqAY8_A[class*="dropcap--"] > span:first-child { display: block; margin-right: 10px; float: left; font-size: 2em; background: #919da9; color: black; width: 50px; height: 50px; line-height: 50px; } ._7XqAY8_A[class*="dropcap--"]:not(.dropcap--none) > span:first-child { margin-right: 20px; text-align: center; } ._7XqAY8_A.dropcap--none > span:first-child { text-align: inherit; line-height: 1 !important; width: auto !important; height: auto !important; 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The Superannuation Practitioners Group (SPG) is a collaborative forum designed to support all superannuation funds and their service providers, at no cost, by delivering practical insights, fostering industry-wide collaboration, and driving operational excellence. Through SPG, participants gain:  Regulatory change implementation support, including guidance and shared experience on implementing complex reforms across the industry Standards alignment, development and adoption of industry standards that simplify administration and improve outcomes A trusted platform for dialogue and alignment between industry and regulators to ensure practical, effective solutions. Practical insights and peer-to-peer learning from experienced superannuation practitioners. Timely updates and interpretation of policy and regulatory changes. Opportunities to share knowledge, challenges, and solutions across the superannuation ecosystem. Tools, frameworks, and best practices to lift administration efficiency and member outcomes. All superannuation funds and their service providers are welcome to join SPG, whether or not they are FSC members. SPG is provided free of charge by the FSC as part of its commitment to supporting best practice, regulatory alignment and operational capability across the superannuation sector.   FSC Contact . Hans van Daatselaar Director – Superannuation Implementation This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloakb355dc0f37318f90c2de4bd6bb8b23cf').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addyb355dc0f37318f90c2de4bd6bb8b23cf = 'hvandaatselaar' + '@'; addyb355dc0f37318f90c2de4bd6bb8b23cf = addyb355dc0f37318f90c2de4bd6bb8b23cf + 'fsc' + '.' + 'org' + '.' + 'au'; var addy_textb355dc0f37318f90c2de4bd6bb8b23cf = 'hvandaatselaar' + '@' + 'fsc' + '.' + 'org' + '.' + 'au';document.getElementById('cloakb355dc0f37318f90c2de4bd6bb8b23cf').innerHTML += ''+addy_textb355dc0f37318f90c2de4bd6bb8b23cf+''; David Delaney Superannuation Specialist, Implementation This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloak0f7ac81c5443c1fd86f552bacd541f8e').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy0f7ac81c5443c1fd86f552bacd541f8e = 'ddelaney' + '@'; addy0f7ac81c5443c1fd86f552bacd541f8e = addy0f7ac81c5443c1fd86f552bacd541f8e + 'fsc' + '.' + 'org' + '.' + 'au'; var addy_text0f7ac81c5443c1fd86f552bacd541f8e = 'ddelaney' + '@' + 'fsc' + '.' + 'org' + '.' + 'au';document.getElementById('cloak0f7ac81c5443c1fd86f552bacd541f8e').innerHTML += ''+addy_text0f7ac81c5443c1fd86f552bacd541f8e+'';   Spiros Koziaris Superannuation Specialist, Implementation This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloakf677d8e3853252ae80f1eb73381a2bb9').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addyf677d8e3853252ae80f1eb73381a2bb9 = 'skoziaris' + '@'; addyf677d8e3853252ae80f1eb73381a2bb9 = addyf677d8e3853252ae80f1eb73381a2bb9 + 'fsc' + '.' + 'org' + '.' + 'au'; var addy_textf677d8e3853252ae80f1eb73381a2bb9 = 'skoziaris' + '@' + 'fsc' + '.' + 'org' + '.' + 'au';document.getElementById('cloakf677d8e3853252ae80f1eb73381a2bb9').innerHTML += ''+addy_textf677d8e3853252ae80f1eb73381a2bb9+'';       // Read more

It’s time for a debate on how we make financial advice affordable and accessibleThe FSC is leading the debate on making financial advice affordable and accessible to more Australians. Our Green Paper on financial advice – available here – outlines solutions to reduce the cost of advice and unnecessary regulation and duplication.It outlines, for public discussion, bold proposals for reducing the cost and complexity of financial advice which include: Simplifying the definitions of advice into categories of personal advice and general information and separating product from advice; Evolution of the consumer protection framework by removing the safe harbour steps so that the Code of Ethics is the single tool to meet the Best Interests Duty;Abolition of the Statement of Advice and in its place enable a scaleable Letter of Advice that empowers consumers and is responsive to their needs.The Green Paper also includes proposals for harnessing data and technology to drive a more efficient advice process for consumers, incentivise uptake of financial advice and more effective regulatory support to build certainty and confidence. The FSC is seeking submissions from the public until 1 July 2021 and these should be emailed to This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloak3876ea980dbdf3134a9fdb2e240a4fa5').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy3876ea980dbdf3134a9fdb2e240a4fa5 = 'financialadvice' + '@'; addy3876ea980dbdf3134a9fdb2e240a4fa5 = addy3876ea980dbdf3134a9fdb2e240a4fa5 + 'fsc' + '.' + 'org' + '.' + 'au'; var addy_text3876ea980dbdf3134a9fdb2e240a4fa5 = 'financialadvice' + '@' + 'fsc' + '.' + 'org' + '.' + 'au';document.getElementById('cloak3876ea980dbdf3134a9fdb2e240a4fa5').innerHTML += ''+addy_text3876ea980dbdf3134a9fdb2e240a4fa5+''; .A White Paper on financial advice with finalised policy asks will be released later this year.DOWNLOAD THE GREEN PAPERREAD THE MEDIA RELEASE ._ERbj1g7D { position: relative; } ._GwlbZrJE { font-size: 1em; vertical-align: middle; text-align: center; width: auto; height: auto; } ._GwlbZrJE--diamond, ._GwlbZrJE--circle, ._GwlbZrJE--square { width: 50px; height: 50px; line-height: 50px; border: 1px solid; 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ABOUT The Digital Advice Expert Group has been formed with the goal of defining digital financial advice in an Australian context, and helping shape the policy environment to support its adoption. Digitally delivered financial advice is now widely accepted as a critical component in the Australian government’s policy goals of increasing the accessibility and affordability of advice in general, and especially towards the goal of seeing superannuation funds delivering much larger volumes of advice to their members. WHAT IS DIGITAL ADVICE? Digital advice is not a special form of advice; it is the digital delivery of personal financial advice whether guidance or general advice through to personal advice. It operates within the existing advice regulatory framework.Its distinct characteristic is the use of technology to undertake parts or even all of the advice process: gathering data, understanding a consumer’s circumstances and objectives, developing a recommended strategy, and an appropriate manner of implementing the strategy (which may or may not involve product recommendations).While the entire advice process can be automated, in many cases digital advice is combined with a human adviser, and/or employee or call centre support, to deliver the confirmation that many consumers value, especially with more complex topics such as retirement.By combining the best aspects of technology and people, digital advice can make advice available to far more Australians, at far lower cost than traditional financial advisers. It works alongside traditional advisers, and other professions such as accounting, and employers, who continue to play an important role, and make advice possible once more for everyday Australians. DIGITAL ADVICE EXPERT GROUP MEMBERSHIP We welcome representatives from financial technology advice providers to join the group. Please reach out via the FSC for membership details. FSC CONTACT For more information please contact:Julia HukkaPolicy Manager, Investment Platforms & SuperannuationP: 0432 482 155E: This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloak89a2853db6465d3b95686599f76d741e').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy89a2853db6465d3b95686599f76d741e = 'jhukka' + '@'; addy89a2853db6465d3b95686599f76d741e = addy89a2853db6465d3b95686599f76d741e + 'fsc' + '.' + 'org' + '.' + 'au'; var addy_text89a2853db6465d3b95686599f76d741e = 'jhukka' + '@' + 'fsc' + '.' + 'org' + '.' + 'au';document.getElementById('cloak89a2853db6465d3b95686599f76d741e').innerHTML += ''+addy_text89a2853db6465d3b95686599f76d741e+''; OBJECTIVES Representation Work within the FSC in proposing policy and responding to draft policy from regulators and government Standard setting Raise awareness and understanding of definition of digital advice, and its benefits for consumers and stakeholders Collaboration Work with industry bodies, associations and traditional financial advice providers to advance adoption of digital advice Best practice Facilitate the exchange of digital advice knowledge and insights from overseas and within Australia to inform industry standards and end-state objectives Promote adoption Encourage financial institutions, large and small, to integrate digital financial advice within their customer propositions to provide greater accessibility, affordability and choice for Australians seeking secure financial futures FOUNDING MEMBERS andrew baker Global Head of Strategy & Corporate ServicesIgnition Advice Andrew has over 30 years of experience in the financial services industry including founding industry consulting firm Tria Investment Partners, and subsequently senior roles with AustralianSuper, QSuper, and NMG Consulting’s London practice. Andrew develops and executes Ignition’s business and financial strategy and acts as Ignition’s policy subject matter expert. George Haramis Fiduciary Co-Founder & CEOMONEYGPS George has over 30 years of financial services experience in senior executive roles managing some of the country’s largest and most successful financial advisory business, including; Perpetual Private Clients, Head of Advice & Investments at ANZ Private Bank, Managing Director of RetireInvest – Australia’s only Franchised Advice business, Principal of Mercer Global Consulting and managed Sealcorp’s advice business Securitor, as well as establishing the Asgard Corporate division. Jacqui Henderson Digital ADVICE CONSULTANTCHIEF STRATEGY OFFICER, INTELLIGENCEINK  Jacqui’s 20+ years’ experience in private wealth & fintech, coupled with her professional background in the telco & technology industries sparked pioneering her venture into digital advice. Jacqui is passionate about the digital advice client experience, human behavioural science, and AI – all of which were founding principles of her innovative Advice Intelligence software. She consults to financial advice firms & institutions in developing their digital advice strategy; specialising in client experience journeys, target service & operating models, through to technology implementation. Jason Nyilas Executive AdviserMoneyGPS Jason has a wealth management and pensions background from his time in Australia and overseas over the course of 30 years. He has worked in industry and in professional services firms focusing on strategy, marketing, operations, M&A and digital transformations for wealth and retirement firms in the US, the UK, Malaysia and Australia. He is Executive Adviser to two fintechs, MoneyGPS and HeirWealth. DIGITAL ADVICE EXPERT GROUP MEMBERS ORGANISATIONDASH Technology GroupFiduciary Financial ServicesIgnition AdviceIntelligenceInkIress LimitedOtivo WEBSITEhttps://www.dash.com.au http://www.fiducian.com.auhttps://www.discoverignition.comhttps://www.intelligenceink.comhttps://www.iress.com.auhttps://www.otivo.com // Read more

. The Genetics Moratorium Review  In June 2019, the FSC introduced the Moratorium on Genetic Tests in Life Insurance. The Moratorium allows people to take out life insurance cover up to prescribed limits, without having to disclose an adverse result of a genetic test. The Moratorium is currently set to run until 30 June 2024, and the FSC is currently conducting a review with a view to extending it.  The FSC has called for submissions from key stakeholders with a deadline of 4pm Friday, 29 July 2022. A copy of the Review Paper can be downloaded here. Submissions once received will be published below.  . Read more

The Life Insurance Code of Practice is now the responsibility of the Council of Australian Life Insurers (CALI). More information can be found here. For insurance consumers, the independent Life Code Compliance Committee (LCCC), administered by the Australian Financial Complaints Authority, will continue to ensure that the Life Code’s principles are upheld and enforced. Consumers are encouraged to contact the LCCC at lifeccc.org.au in relation to any individual insurance matters. 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