In its corporate plan for 2017-18 to 2020-21, ASIC outlined a number of projects designed to align “conduct in a market-based system with investor and consumer trust and confidence”, focusing on behaviour that poses the greatest risk to consumer confidence.
“In this year’s corporate plan, we highlight the need to keep building people’s financial capability to support them in planning for their future; for gatekeepers, culture, incentives and deterrence continue to be factors driving behaviours in the sectors we regulate,” the plan said.
“Gatekeepers play a critical role in managing these challenges and the overall health of the financial system. Their conduct – at the firm and industry level – affects investor and consumer trust and confidence.”
Remuneration, recruitment, training and whistleblowing policies will all be focal points for ASIC’s surveillance activity into financial advice over the coming four years, with gatekeeper competence, governance and disclosure practices all being considered as well.
In the financial advice space, ASIC will continue with its surveillance into compliance within the “big five financial advice firms” and remediation programs of fee-for-no-service breaches, and will commence a new project examining the effectiveness of life insurance remuneration reforms.
ASIC has also listed a number of projects focusing on markets, including a new project on compliance with continuous disclosure obligations, and implementing standards for listing complex exchange-traded products.
They are nothing more than pink little piggies with their flat and fat noses in the feeding trough of taxpayer money pathetically and harmfully attempting to make themselves look relevant to continue feeding at the trough. Sickens me beyonf words sometimes. We pay their wages ferrrr chrisssakkkeeess! Insult to injury!!
This from the same incompetent clowns who just granted themselves (thanks to Medcraft the biggest joke) a huge pay rise recently? For doing what exactly? Screwing up LIF on nil data and research? Distorting FOFA so that it becomes the antithesis of what it was originally proposed to do? Who is the gatekeeper on these idiotic so called gatekeepers? About time someone slammed it shut hard in their face.