Many planners question ASIC's effectiveness
A significant number of Australian financial advisers believe the Australian Securities and Investments Commission (ASIC) is doing a less than effective job.
New research released by Wealth Insights has revealed that as many as 32 per cent of financial advisers regard the financial services regulator as being either ineffective or extremely ineffective.
Asked by Wealth Insights how effective they believed ASIC was in its role as Australia’s financial services regulator, 45 per cent of the respondents rated the organisation as ‘average’ with only 20 per cent rating it as ‘effective’ and just 1 per cent rating it as ‘extremely effective’.
The research was conducted in May ahead of the recent appointment of Greg Medcraft as the new chairman of ASIC, but in the wake of the announcement that the regulator would be conducting a further shadow shopping exercise.
AUTHOR
Mike Taylor
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