On Thursday (3 February), ASIC said its “investigations into matters arising from the Financial Services Royal Commission (FSRC) were completed in the [October-December] quarter”.
Six of the proceedings were either finalised or being litigated at the end of last year. The regulator’s action against ANZ in December marked the final civil case for ASIC from the FSRC.
“A constant theme of these investigations has been the failure of large financial services entities to honour agreements with customers and to ensure proper processes and systems are in place to prevent widespread compliance failures,” deputy chair Sarah Court said.
“ASIC will continue to take enforcement action in relation to misconduct of this nature.”
ASIC also reiterated its new responsibilities as the single disciplinary body for financial advisers as part of the Better Advice Bill as well as take over administration of the financial adviser exam from the Financial Adviser Standards and Ethics Authority (FASEA).
“ASIC is committed to supporting the advice industry in its efforts to ensure everyday Australians can access quality advice at a reasonable price,” commissioner Danielle Press said.
“We will continue to engage with industry and prioritise initiatives that address its concerns about cost and regulatory uncertainty.”
Absolute circus, that’s all the royal commission was, and the ringmaster Hayne who couldn’t organise a sausage sizzle at a kids birthday party, but still was given a huge payment and left a total mess for advisors to deal with. Another Australian Government embarrassment of the highest level.
and what a disaster the Hayne RC proved to be. Small investors have next to no access to advice & the costs to consumers has increased. What a failure. Of course the wholesale investor/advisers are unaffected…lol
Does that mean the outrageous levy can be removed
[i]“A constant theme of these investigations has been the failure of large financial services entities to honour agreements with customers and to ensure proper processes and systems are in place to prevent widespread compliance failures,”[/i] deputy chair Sarah Court said.
[b]And yet ASIC did not bust, fine, ban, publicly name & shame one single large financial services Exec, Super Trustee, CEO, AFSL Responsible Manager, etc.
NOT 1 SINGLE large financial service Exec held accountable. [/b]
ASIC, you are a total and utter JOKE !!!!!!!
Why has AMP got off scott free with all its wrong doings
AMP has too much money
Last I checked there were a few financial planners left, and still on life support. I think as ASIC is trying to exterminate us the job is not finished….or is it case they’re just leaving a few token around to kick occasionally?
Incomplete*…….. ASIC still exists and is a blight on financial services. The Kell’s and Shipton’s of the world got away without being held accountable for being asleep at the wheel