More financial products catering to the retirement phase and better quality advice about retirement are needed as the population ages, the Australian Securities and Investments Commission says.
In a submission to the financial system inquiry, the corporate regulator said there is a need for better products to help people manage their retirement savings in their retirement phase, as well as a need for quality advice.
"Options should be explored to encourage product providers to increase the choice of products available that cater to the retirement phase, to increase consumer demand for these products, and to improve the quality of advice," ASIC said.
The regulator also said there is a "critical need" for accessible and sound advice on compulsory superannuation.
ASIC called for a consistent minimum competency standard for advisers, a comprehensive national register of advisers and the ability for the regulator to ban managers of advice businesses that cause consumers major harm.