ASIC faces parliamentary scrutiny

15 July 2020
| By Mike |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago