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ASIC extends red tape rollback for financial advice

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15/04/2021 by Aleks Vickovich, Australian Financial Review

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The number of licensed financial advisers fell another 12 per cent in 2020, taking the total workforce to a new low of 20,674, data released by researcher Adviser Ratings on Monday show.

The research house tipped that adviser numbers will plummet further to 13,000 by 2023, which would represent a 50 per cent decline since before the Hayne royal commission in 2018, which sparked a number of new regulatory requirements for the industry.

The corporate regulator has granted financial advisers a six-month extension on a controversial coronavirus relief reducing paperwork for the troubled industry, as it mulls proposals to avert an affordability crisis.


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