ASIC faces parliamentary scrutiny
The same Parliamentary Committee whose members questioned the Australian Securities and Investments Commission (ASIC) about real estate agents promoting the use of early release superannuation to meet rent payments will be grilling the regulator again today.
The Parliamentary Joint Committee on Corporations and Financial Services will be reviewing the performance and operations of ASIC, with its chair, Victorian Liberal Senator, James Paterson stating that it will have a particular focus on ASIC’s performance during the COVID-19 crisis.
The committee hearing comes at the same time as a number of financial advisers have been lobbying Parliamentarians around the need for ASIC to allow greater leeway around client opt-in arrangements while others have been pushing for greater clarity around the legitimacy of intra-fund advice.
At the same time, the committee hearing represents the first Parliamentary scrutiny of ASIC since it suffered significant court losses, most recently against Westpac over responsible lending.
The regulator is also expected to be questioned over its use of its product intervention powers.
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
