Yesterday ASIC published guidance for the provision of digital financial product advice for retail investors - known colloquially as 'robo-advice'.It is more formally defined by ASIC as "the provision of automated financial product advice using algorithms and technology and without the direct involvement of a human adviser."What is provided can comprise general or personal advice, and range from advice that is narrow in scope (for example, advice about portfolio construction) to comprehensive financial product advice.The ASIC document, RG 255, also includes guidance on some issues unique to digital advice, such as how the organisational competence obligation applies to digital advice licensees and the ways in which digital advice licensees should monitor and test their algorithms.The new guidelines build on comments generated between March and May 2016, in response to ASIC's Consultation Paper 254: "Regulating digital financial product advice", which sought feedback on a number a proposals in relation to the agency's draft guidance. ASIC said it received 38 submissions on this paper.