Federal Treasurer Scott Morrison and the Australian Securities and Investment Commission yesterday released a consultation paper and a draft Regulatory Guide on regulating digital financial product advice (also commonly known as robo-advice). The guidelines cover the provision of automated financial product advice using algorithms and technology but no involvement with a human advisor. They are part of a package of financial sector changes timed for release during ASIC's annual forum.  In a media release ASIC said the draft guidelines were created following meetings with digital advice providers about their business models. "During that engagement it became clear that digital advice providers would benefit from additional ASIC guidance specific to digital advice," ASIC said.ASIC Commissioner John Price said ASIC saw digital advice "as having the potential to offer Australian consumers access to good quality, low-cost, financial advice."But, while conceding that robo-advice had the potential "to deliver an enormous amount of value," a panel discussion at the ASIC annual forum heard from Dimity Kingsford Smith, Professor of Law, University of NSW, who said the sector should be "more reticent in pushing consumer protections aside by clicking through to the next screen when there are serious disclosures that need to be made on the way through." The draft regulatory guide brings together some of the issues that persons providing, or intending to provide, digital advice to retail clients need to consider when operating in Australia—from the licensing stage (i.e. obtaining an Australian financial services licence) through to the actual provision of advice. ASIC is also seeking feedback on issues that are unique to digital advice businesses, in particular:  the organisational competence obligation that applies in a digital advice context; and the ways in which digital advice licensees should monitor and test their algorithms. The closing date for submissions is 16 May 2016. More details are here: