
ASIC should not be given the task of “picking winners” among industry and professional associations, a boutique advice firm has warned the federal parliament.
“There would appear to be a level of moral hazard involved in ASIC seeking to anoint particular professional bodies, particularly if this is done to the exclusion of other bodies or groups in the industry.”
The submission contends that associations deemed “professional” by the corporate regulator would receive an unfair boost to their “bottom line”, arguing instead that an “independently constituted panel” be given the task of overseeing the registration process and industry association membership issues.
“It has been our experience that, despite their articulations, some bodies do not adequately represent the breadth of interests within an industry or, as is often the case, they may put forward views that purport to be representative, but in reality they reflect the self interest of the professional body,” the submission argues.
A statement on the Axiom Wealth website explains that the boutique firm ceased its membership of the FPA in 2011.
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