On Tuesday, we dug into the questions the Royal Commission interim report is asking about the future of the advice industry - but it's also worth examining what's in store for its chief regulatory body.
Commissioner Kenneth Hayne was roundly critical of ASIC's approach to misconduct, arguing that its starting point has always been whether "this can be resolved by agreement." He said that "when contravening conduct comes to its attention, [ASIC] must always ask whether it can make a case that there has been a breach and, if it can, then ask why it would not be in the public interest to bring proceedings to penalise the breach."
Having said this, he also suggested that the regulatory regime in which ASIC (and by extension advisers) operates is far too complex, and that "breaches of existing law are not prevented by passing some new law that says, 'Do not do that.'"
While the industry has gotten clarification on certain issues affecting ....
With IOOF's chair and managing director stepping down to fight APRA's ac....
19 December, 2018
While the industry has gotten clarification on certain issues affecting advisers, there's still more that needs to be answered.
13 December, 2018
With IOOF's chair and managing director stepping down to fight APRA's action against the company, it's worth considering what the regulator is plan....
11 December, 2018
Some words of wisdom from someone who weathered the storm advisers are now facing here.