ASIC keeps sights trained on planners
The Australian Securities and Investments Commission (ASIC) has confirmed to a Senate Estimates Committee that it will be using a portion of its increased Budget funding to continue its pursuit of the financial planning and life insurance sectors.
Newly-reappointed ASIC chairman, Greg Medcraft used his opening address to a Senate Estimates committee hearing on Friday to declare the additional funding for the regulator "will enable further surveillance and enforcement in areas such as financial planning, responsible lending, life insurance, and misconduct and breach reporting".
With the Government now having formally entered election mode, the Senate Estimates Committee hearing on Friday was the last occasion on which ASIC could appear before members of the existing Parliament.
And the message from Medcraft was that the increased funding would be directed, in part, towards greater technology and the capacity to better identify and assess risks and misconduct through data analytics.
"For instance, we might use data analytics to show trends around claim rates on a particular insurance product or retail investor interest in more risky financial products — which in either case might point to wider industry problems," he said.
The ASIC chairman claimed this would mean the regulator could identify wrongdoing earlier and respond more quickly.
Recommended for you
Women are expected to inherit US$124 trillion through the intergenerational wealth transfer, but Capital Group has found they are twice as likely to rely on social media for advice over a financial adviser.
Challenger Investment Management has raised $350 million during the offer period for its new ASX-listed investment structure.
A week after Lonsec downgraded multiple funds from Metrics Credit Partners, rival research house Zenith Investment Partners has opted to retain its ratings for the same funds.
Strong adviser engagement has helped Praemium reach $1 billion in inflows on its Spectrum offering, with a deal with Western Australian wealth firm Euroz Hartleys expected to add as much as $2 billion.
