A government taskforce has today released a consultation paper that aims at strengthening licensees’ obligations to report misconduct or suspected misconduct to ASIC.
The ‘Self-reporting of contraventions by financial services and credit licensees’ paper – released by the ASIC Enforcement Review Taskforce – proposes a set of reforms that are intended to improve transparency and accountability in the financial services sector.
The proposed reforms will:
“The proposals outlined in this paper are aimed at improving transparency and accountability in the financial services sector by broadening and strengthening the obligations on licensees to make timely reports to ASIC about misconduct or suspected misconduct that they become aware of,” said Minister for Revenue and Financial Services Kelly O’Dwyer.
“The taskforce is now taking the important step of gathering community and industry feedback on these proposals before making final recommendations to the government in September.”
The consultation paper comes after ASIC recently announced the findings of its review into how financial advice institutions have dealt with non-compliant advisers.
ASIC said it found licensees failed to notify the regulator about serious non-compliance concerns regarding adviser conduct. It also found significant delays between the institution first becoming aware of the misconduct and reporting it to ASIC.
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