The chair of the parliament’s committee on financial services and corporations has signalled that while there is concern about some individual financial advisers, product providers need scrutiny too.
The South Australian senator also suggested the regulation of financial services could take a page out of the aviation industry’s book.A more proactive ASIC is unlikely to resemble the "Therapeutic Goods Administration where every product gets [a] stamp of approval," but would rather be akin to the aviation industry where "everyone gets on an aircraft and they don't expect it to be the fastest or [perform] aerobatics but they do expect to get there safely every time", he said."Whereas for someone who wants more extreme performance or wants to fly in the experimental category, the degree of disclosure around the risk associated with that [will be] mandated by the regulator."
The corporate regulator addressed concerns with the new regime.
The digital solution has launched.
The digital platform for financial advisers and accountants has confirmed the new appointment.
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