ASIC happy to help the watchdog watching ASIC
Outsider feels sure that financial advisers will be heartened by the news that the Australian Securities and Investments Commission has 2,237 employees and that over the next four years it intends investing in its people and their capability at all the regulator’s offices across Australia.
And for those advisers who might worry that ASIC is not pulling its weight, Outsider is here to tell you that the regulator has used its latest four-year corporate plan to tell you that it will be doing its utmost to help the forthcoming Financial Regulator Assessment Authority intended to review and report on its performance.
ASIC said it was currently pursuing two initiatives to further enhance its performance reporting, by better measuring the efficiency of its activities and by assessing the impact of key projects and regulatory interventions – something Outsider fears probably involves a financial advice shadow shop and possibly a taskforce.
“As the Government moves forward with the establishment of the Financial Regulator Assessment Authority to review and report on ASIC’s and APRA’s performance, we will also actively support the new body in assessing our effectiveness,” it said.
Outsider certainly hopes that ASIC is not implying that it can influence a Government body intended to watch the watchers – ASIC and the Australian Prudential Regulation Authority. Surely not.
AUTHOR
The Outsider
Recommended for you
When it comes to a business merger, achieving the voting approval can be just the first step.
When it comes to human interest stories, the Australian Prudential Regulation Authority is keen to let the organisations it regulates know its staff are more than just faceless automatons.
Outsider is hopeful of the news from advice firm Invest Blue that it is trialling a move to a nine-day fortnight for its staff.
Like most of the financial advice industry, Outsider has spent the week reading through the final report of the Quality of Advice Review.
