Mathias Cormann critical of ASIC on shadow shop data

senator-mathias-cormann/FOFA/financial-planning/parliamentary-joint-committee/financial-planning-association/federal-opposition/australian-securities-and-investments-commission/association-of-financial-advisers/assistant-treasurer/

25 January 2012
| By Mike Taylor |
image
image
expand image

The Federal Opposition has expressed concern that the Australian Securities and Investments Commission (ASIC) provided only preliminary data to a Parliamentary Joint Committee (PJC) on its latest financial planning shadow shopping exercise and was unable to deal with the specifics.

The shadow Assistant Treasurer and Opposition spokesman on Financial Services, Senator Mathias Cormann, said he believed the use of the preliminary data by ASIC in the midst of a politically-charged debate was inappropriate.

"ASIC made assertions about the implications of their data for the FOFA Bills, yet were not able to answer any questions about the detail," he said.

"In any event, ASIC's unverified headline data didn't prove anything when it comes to the contentious bits in FOFA," Cormann said.

Senator Cormann's concerns followed Money Management's report today that the ASIC data presented to the PJC reviewing the FOFA bills was preliminary and that key stakeholders such as the Financial Planning Association and the Association of Financial Advisers had received barely 24 hours' notice of the regulators intentions. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS