ASIC to launch FOFA implementation project
The Australian Securities and Investments Commission (ASIC) will be embarking on a "proactive engagement project" with a selection of licensees over the next few months to observe their FOFA implementation and potentially identify areas where advice businesses need more assistance.
Speaking at the Association of Financial Advisers (AFA) National Conference, ASIC Deputy Chairman Peter Kell said the project would not be a formal surveillance and that the regulator would not be exercising its compulsory information-gathering powers.
"Rather, we want to get a better understanding of what you're doing, what are proving to be difficult issues, how things are operating in the new environment, are there areas where we need to provide assistance, are there areas where we may need to consider further ‘no action' positions to facilitate compliance?" Kell said.
"That's part of our engagement and we are getting some of our feedback from the AFA — as an industry body — and other stakeholders, but we also think it is important to go out there and talk to individual practitioners, both big and small and from different parts of the country."
Kell said the regulator was committed to ensuring the smooth implementation of all FOFA requirements, despite the fact that some of them might soon change or be removed.
Recommended for you
New York-based firm CC Capital has bumped up its offer to stay ahead of rival bidder Bain Capital.
In a tight race against Morgans, AMP Financial Planning has won back its position as the largest individual licensee in Australia, according to Wealth Data.
Learning to delegate authority and relinquish a hands-on approach is a critical step towards building a self-sustaining financial advice practice, says Assured Support.
Private wealth management company Stellan Capital has appointed a new chief executive, who brings over three decades of experience in the global financial services industry.
