“This is the first of ASIC’s initiatives developed in response to the financial advice industry’s recent feedback on our consultation to improve consumers’ access to affordable advice,” ASIC commissioner Danielle Press said.

“We expect this practical guidance and information will provide clarity and certainty to financial advisers about when and how they can use ROAs.”

The ROA guidance comes after ASIC sought consultation from advice industry participants about factors impacting the supply of quality financial advice.

It’s understood that ASIC received 466 submissions from the industry and relevant stakeholders.

Ms Press said the regulator is committed to supporting the advice industry to ensure Australians can access quality advice at reasonable prices and that it will continue to engage with the sector to address concerns surrounding “cost and regulatory uncertainty”.

The guidance comes as ASIC gears up for its new responsibilities of the recently passed Better Advice Bill that will see the financial services and credit panel within ASIC become the single disciplinary body for advisers from 1 January 2022.

A new report released this week by research firm Investment Trends found that communication around regulation is one of the biggest areas of concern for advised clients.

The study shows that actively advised clients want to see improvements in the communication of changes to rules and regulations, as well as education around investment strategy.

“Advisers are increasingly required to play the role of educator and financial coach across a growing range of financial topics,” Investment Trends’ associate research director Kurt Mayell told ifa.

“More than ever clients are expecting content delivered to them proactively to assist them in implementing their chosen investment strategy while enabling them to keep abreast of the rapidly evolving rules and regulations that may have implications on their financial situation or investment portfolio."