Why an ASIC shake-up may be on the cards

Alex Burke,  Senior Writer,  No More Practice Education

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.'"

So, what

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