ASIC needs industry to report potential breaches
The Australian Securities and Investments Commission (ASIC) needs members of the financial services sector to report suspected breaches.
Speaking at the Money Management 2014 Platforms and Wraps conference, ASIC commissioner, Greg Tanzer, call for "market intelligence" to identify rogue financial advisers.
Tanzer was responding to claims made during a question and answer session that an adviser, who had a checkered past, had declared bankruptcy and was able to return to the sector without facing an ASIC investigation.
"You might assume that we know who that person is, and we might not. You may see indications of this and it's well worth you taking action and reporting to us," he said.
"The process of detecting always takes sometime, so signing up is actually quite important, because if you start hearing those alarm bells going there might be something."
Tanzer said ASIC had been able to successfully pursue a case of insider trading earlier this year.
"We go an indication from somebody who said ‘there looks like there's some odd trading around this'.We got a bit of market intelligence, we can't see everything ourselves."
AUTHOR
Nicholas O'Donoghue
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