ASIC announces new guide for research houses
The Australian Securities and Investments Commission (ASIC) will release a new guide covering the role of research and ratings houses later this year.
The move to release upgraded guidance was announced by ASIC chairman Greg Medcraft during the Conference of Major Superannuation Funds (CMSF) in Brisbane.
Medcraft told delegates that since releasing its CP171 document which strengthened the rules around research providers, the regulator had undertaken further consultations with the industry and had received 29 submissions on the issue.
He referred to the need to segregate the research and non-research activities within companies and to remove so far as possible the conflict inherent in some remuneration models.
Medcraft said the new guide would be issued later in 2012.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
