ASIC confirms funding status of consumer submission to FASEA

FASEA/ASIC/danielle-press/Jason-Falinski/Hugh-Breakey/charles-Sampford/Choice/

18 November 2020
| By Mike |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has confirmed that via its Consumer Advisory Panel it provided funding for a Financial Adviser Standards and Ethics Authority (FASEA) code of ethics submission by two Griffith University Academics.

Giving testimony to a Parliamentary Committee, ASIC commissioner, Danielle Press said the submission had not been directly funded by ASIC but via the Consumer Advisory Panel.

Under questioning from NSW Liberal back-bencher, Jason Falinski, Press insisted that ASIC had not oversighted or reviewed the submission.

Falinski asked whether it was appropriate for a Government regulator to be paying for a submission to another Government body.

The Griffith University academics Dr Hugh Breakey and Professor Charles Sampford notes on the bottom of page one that “this submission was developed with input from members of ASIC’s Consumer Advisory Panel. It also incorporates issues raised in the FASEA Consumer Forum of June 29, 2018”.

The submission lodged by Breakey and Sampford is regarded as having been supportive of the approach adopted in the controversial Standard 3 of the FASEA code of ethics while a separate submission lodged by CHOICE is regarded as having been equally supportive.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 6 days ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks ago

TOP PERFORMING FUNDS