Yet another Parliamentary inquiry into planners
The financial planning industry is again expected to be the subject of a Parliamentary inquiry along with the actions of the Australian Securities and Investments Commission (ASIC), following reactions to daily newspaper reports focused on the 2011 enforceable undertaking imposed on Commonwealth Financial Planning.
A number of Government, Coalition and Green parliamentarians have expressed concern at the implications of the newspaper reports and the actions of ASIC, and a motion for a committee inquiry has been put by National Party Senator, John Williams with the support of NSW Labor Party Senator, Doug Cameron.
Cameron has been quoted as saying the inquiry into ASIC will be wide-ranging, and given the scale of the problem, it is ‘'appropriate for the Senate to investigate a range of issues including financial planners, the Commonwealth Bank and ASIC''.
The Senate is expected to vote on the motion today.
AUTHOR
Mike Taylor
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