Senate inquiry into ASIC drives up workload

ASIC/financial-planning/financial-ombudsman-service/storm-financial/commonwealth-bank/enforceable-undertaking/commonwealth-financial-planning/australian-securities-and-investments-commission/

16 September 2013
| By Mike Taylor |
image
image
expand image

The Senate Committee of inquiry into the performance of the Australian Securities and Investments Commission (ASIC) is proving to be time-consuming not only for the regulator but many of the major banks and insurers.

This is because those submissions lodged with the Senate inquiry which reference matters concerning entities such as the Commonwealth Bank, NRMA Insurance or ING Direct are actually being referred to those companies for their responses.

In a number of instances, the matters raised with the Senate inquiry have already been handled by either ASIC itself or the Financial Ombudsman Service.

With the Prime Minister, Tony Abbott scheduled to announce his new Cabinet today and with Parliament expected to resume in late October, the Senate committee is likely to resume its proceedings and move to public hearings before the end of the year.

The Senate Committee of Inquiry was established following newspaper reports over ASIC's handling of the enforceable undertaking entered into by Commonwealth Financial Planning in 2010, but the process is expected to traverse a broader range of issues including the regulator's handling of matters related to the Future of Financial Advice changes.

The inquiry is also expected to traverse ASIC's handling of the collapse of Storm Financial and Trio/Astarra.

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?...

1 month 3 weeks 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 ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 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...

2 weeks 6 days ago

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

1 week 4 days ago

TOP PERFORMING FUNDS