On 16 October 2025, the Australian Securities and Investments Commission (ASIC) published the keynote address provided by ASIC Commissioner Alan Kirkland at the Institute of Managed Account Professionals Independent Thought Conference. The keynote address is entitled Improving consumer outcomes is everyone’s job.

Responsibility

In his speech Commissioner Kirkland focused on consumer outcomes and began by making the general point that good consumer outcomes are the responsibility of everybody who operates within the financial system.

Conflicts of Interest

Commissioner Kirkland touched on manging conflicts of interest, noting ASIC’s recent consultation on updates to Regulatory Guide 181 (RG 181) on the management of conflicts of interests for AFS licensees. RG 181 has not been amended since 2004 and needs to be updated to reflect changes in the law and policy. Commissioner Kirkland foreshadowed that that ASIC aims to publish the final updated guidance by the end of the year.

Managed Accounts Sector

Commissioner Kirkland advised that ASIC will be reviewing the managed accounts sector. The sector is estimated to have increased by an average of 24% each year since 2019, mostly in the Separately Managed Account space, as well as Managed Discretionary Accounts. ASIC’s review will focus on licensees and advisers who recommend or offer managed accounts to retail clients. ASIC will examine:

  • How financial advisers comply with their obligations to act in the best interests of their client and provide appropriate advice when they recommend managed accounts.
  • Any conflicts of interest that may be present, and how these conflicts are addressed by advisers and licensees.

ASIC will also examine the conflicts that may arise in all parts of the product manufacturing and distribution value chain.

Bad Actors

Commissioner Kirkland stated that everyone has a role to play to minimise the impact of misconduct:

  • Licensees have a responsibility to ensure advisers are acting in the best interests of clients, and to have adequate monitoring and supervision arrangements to detect concerning conduct.
  • Advisers are in a unique position to recognise where somebody has been the victim of poor advice from somebody else.
  • Individually and in cooperation peers, licensees and advisers must uphold and promote the ethical standards of the profession and hold each other accountable for the protection of the public interest.