ASIC canvasses going public on insto APLs
The Australian Securities and Investments Commission (ASIC) has canvassed going public on the make-up of the approved product lists (APLs) within the major banks and AMP.
In a blunt report detailing the level of non-compliant advice within the major institutions together with the conflicts of interest inherent in vertically-integrated structures, ASIC canvassed the need for greater transparency.
The regulator also signalled that the findings of its project investigating the major banks and AMP would have implications for other planning licensees.
It said it would look to consult with the financial advice industry and other relevant groups on introducing public reporting on APLs and where client funds are invested for advice licensees that are part of a vertically integrated institution.
“This would provide some transparency around management of the conflicts of interest that are inherent in vertically integrated business models,” the regulator said.
ASIC said it would also be discussing with the big banks and AMP what it regards as being an appropriate response to its findings “to improve their processes for managing conflicts of interest.
“It is likely that initiatives implemented by these advice licensees can be scaled to address similar concerns at other advice licensees,” it said.
Recommended for you
A former AMP adviser told the Federal Court how they are scared to turn off their phone after a fellow adviser attempted suicide as Justice McElwaine said the 92 objections “weighed heavily” on his mind.
Providence Wealth Advisory Group has appointed a new chief investment officer, a dedicated position after the role was previously held by its CEO.
While hiring new staff in a financial advice practice inevitably incurs expenses, Striver’s Alisdair Barr says the greater business cost can come from losing the skills of a valuable team member.
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.