The Financial Services Council has announced the formation of the Digital Advice Expert Group to support provision of online advice to consumers.

It says group members will contribute to policy development that supports the passage of financial advice reform through parliament.

“Independent research has shown that almost 4 million Australians say they would be open to low-cost digital advice solutions, and the digital advice sector can provide services at scale to consumers who cannot typically afford advice,” FSC CEO Blake Briggs said. “The massive opportunity to deliver financial advice digitally is confronted by common challenges posed by a costly and burdensome regulatory framework.”

Ignition Advice global head of strategy and corporate services Andrew Baker says digital advice technology is the only way to match the huge gap between demand and supply of advice, and will improve the quality, accessibility and affordability of advice for those who want and need it.

“The Digital Advice Expert Group has a pivotal role in contributing to the formation of policy to support digital advice adoption and we look forward to working closely with the FSC to help shape the exciting future for digital advice in Australia.”