ifa exclusively reported in December 2016 that ASIC was cracking down on non-compliance with PI insurance.
Today the regulator has released the findings of that investigation, revealing that the vast majority of “small companies holding AFSLs” were found to be in compliance with their requirements.
Of the 56 boutique licensees investigated, just three were found not to have PI insurance in line with their obligations.
The three licensees, which were not named, are now updating their insurance cover, ASIC’s statement said.
I’d leave it up to churning – that was such a rampant example of miscreant advisers
Yep, good ‘ol ASIC. Garnering the headlines simply to justify their continued existence and keep their flat little pink noses planted firmly and safely in the trough of taxpayer funded wages for their exclusive govt club. The final indignity for their inefficiency and cluelessness is that our taxes pay for their government wastage. Dorothy isn’t the only one to ever wonder if she was still in Kansas! The more things change . . . .
While I am not associated with a small boutique – again we see ASIC scare mongering headlines – CRACKING DOWN ON SMALL BOUTIQUES NOT COMPLYING – Well egg on face surprise surprise