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
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.
Morningstar has made two business development appointments to drive the growth strategy of its financial advice software, AdviserLogic.
