More teeth for industry watchdog
The Australian Securities and Investments Commission (ASIC) has added more teeth to its financial services compliance team, with Carole Ferguson joining the corporate watchdog in the new position of director, institutional and wholesale compliance.
In her new role, Ferguson will develop ASIC’s presence in the wholesale and institutional area of the financial services industry and will help shape the Commission’s approach to major institutions. She will join work with executive director of compliance, Jennifer O’Donnell.
Ferguson comes to ASIC with extensive experience in the financial services industry, both as in-house counsel and in private practice. Most recently she held the role of senior legal counsel at Colonial First State Investments and has previously worked with Prudential Corporation Australia.
ASIC’s acting chairman, Jeremy Cooper, welcomed Ferguson to the role.
“Carole is a well-known financial industry participant, through her roles in the private sector and as member or chair of various committees of the Investment and Financial Services Association,” he said.
“This is an exciting appointment for ASIC, which will add strength and value to our work and ties with industry.”
Ferguson’s financial products experience includes managed investments, superannuation, life insurance and specialist products such as hedge funds, property funds and infrastructure funds. She also has significant experience with issues relating to dealers and advisers.
Recommended for you
Wealth managers have said they are experiencing difficulties in aligning their company’s in-house views with the ever-increasing needs of clients, according to MSCI.
The financial advice industry is experiencing a “champagne problem” regarding pricing, with advice firms seeing no need to cut their prices to remain competitive.
Marking a decade offering managed accounts in Australia, BlackRock has elaborated on the changes it has seen in their usage by financial advisers, with net client flows rising from 4 per cent to 25 per cent.
AZ NGA’s CEO has unpacked how its recent $345 million debt facility from Barings will accelerate its advice network’s growth ambitions, and allow its largest firms to access a greater source of funding.
