The bill will expand the role of ASIC’s existing financial services and credit panel to operate as the single disciplinary body for financial advisers and creates new penalties for advisers who breach their professional obligations.
The bill passed the House of Representatives on Wednesday.
The government has called for feedback on specific parts of the bill, including “the circumstances when ASIC must convene a financial services and credit panel to consider alleged financial adviser misconduct” and “the types of administrative sanctions made against a financial adviser that must be included on the financial advisers register”.
Submissions will close on Friday, 20 August.
It comes after Liberal MP Tim Wilson, who stated his support for the bill in its original form, admitted to having “reservations” with the legislation.
“I have ongoing concerns about the operations of ASIC and we hope under its new leadership that it will fulfil its function properly,” he said in Parliament on Wednesday.
“ASIC needs to make sure that it’s backing financial advisers, not undermining them.”
a noble aspiration being completely ignored – “ASIC needs to make sure that it’s backing financial advisers, not undermining them.””
ASIC (and the Liberals) are burying us in red-tape and taxing us out of business. Pure and simple.
So it will punish individual advisers for minor breaches and meanwhile, the big banks and AMP get to make nearly $2B in compensation and move on?
You left out that when they are fined we pick up the tab for the legal action and the goverment benefits from the compensation.