Addressing poor financial advice outcomes has been cited as one of ASIC’s major priorities in its five-year corporate plan.
ASIC said in its Corporate Plan 2019-23 that it will support measures to improve the professionalism of financial advisers and target the potential misconduct and harms to consumers that may arise from the industry’s shift towards ‘general advice’ models.
It also said it is closely monitoring the potential harms that may result from larger institutions’ departure from the sector.
Changing adviser behaviours
New projects cited by ASIC covering 2019-20 relating to changing the behaviours of financial advisers included:
ASIC also mentioned ongoing projects that cover 2019-20, including:
Acting against adviser misconduct
Continuing projects from ASIC addressing adviser misconduct included:
“The public expects financial firms to treat Australians fairly and live up to the expectations of the community and the law,” said ASIC chair James Shipton.
“The public expects ASIC to see that they do. If the firms or individuals we regulate do not, we have the will, the resources and the regulatory tools to hold them to account.”
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