Industry groups get extension on compliance
The Australian Security and Investments Commission (ASIC) has extended the deadline for compliance with its training requirements to 30 June 2002.
The Australian Security and Investments Commission (ASIC) has extended the deadline for compliance with its training requirements to 30 June 2002.
The new deadline will apply to securities and futures licensees and life companies and life brokers.
The requirements are part of ASIC policy statement 146 which originally had the cut off date for compliance as 1 October 2001.
ASIC however will not change the dates for compliance for those covered by the Financial Services Reform Bill (FSRB) with includes insurance companies and agents.
These companies and representatives will have two years from the date of commencement of the FSRB legislation to comply with the new licensing requirements.
While the original deadline was still over 12 months away ASIC says it was extended in response to input from industry bodies who felt more time was needed to ensure members could comply with practical implementation issues.
These included aligning the compliance date with relevant training course terms, the limited number of independent assessors currently available and logistical issues affecting rural and regional representatives and agents.
ASIC had received support from the Investment and Financial Services Association (IFSA), the Financial Planning Association (FPA), National Insurance Brokers Association (NIBA) and the Securities and Derivatives Industry Association (SDIA) for the program.
Each group has also undertaken to get their members to comply with the policy by the new deadline.
IFSA has also stated it will survey members regularly for progress with an early survey determining if member organisations have systems in place to meet the new deadline.
AUTHOR
Jason Spits
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
