Investigating financial advisers a ‘top priority’ for ASIC
The Australian Securities and Investments Commission (ASIC) plans to increase its surveillance efforts in a bid to clamp down on rogue financial advisers.
ASIC chairman, Greg Medcraft, told The Australian, that it saw the financial advice sector as the "highest risk" area under its remit, and said the regulator regarded monitoring financial planners as a "top priority", following the announcement that it would pursue former Macquarie Group advisers.
"We're going to focus on three things," he said.
"Firstly, surveillance, we're going to get out there and get cops on the beat.
"Secondly we're going focus on making the system work harder, because it actually relies on —if you want — those who are actually the firms who detect misconduct to report it in a timely fashion — it has been a little tardy and also when they report, what they report, so we're going to be pushing that much harder and we'll probably publish a report of what we see in terms of behaviour, just to inform people.
"Thirdly, we're going to really think about looking at our whistle-blower approach. We'll actually look at putting in place an end-to-end individual person who will manage the relationship with the whistle-blower… [because] it's important that they have a continuum of relationship.
"We'll also be doing a lot more training in terms of dealing with whistle-blowers, because they are a very important part of the system."
AUTHOR
Nicholas O'Donoghue
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