Financial Standard Comments - Broaden ASIC banning powers: Report The corporate regulator could soon have increased power to ban "unfit" senior managers, directors and officers of financial services companies. https://www.financialstandard.com.au/feed/latest?story=103243654 Thu, 07 Sep 2017 14:19:10 +1000 Thu, 07 Sep 2017 14:19:10 +1000 en-AU Copyright 2026 Financial Standard 5 Comment by WAYNE CHARLES (SIS INSURANCE BROKERS PTY LTD) ASIC definitely requires more authority and effectiveness, but this will only come when they also have more funding. Currently they are very understaffed due to underfunding and the lack of effectiveness contributes to the underfunding. For example there are many, many companies who should have AFSL Licenses but don't. Subsequently the govt. does not receive the license fees and THE CONSUMER DOES NOT GET THE PROTECTION THEY DESERVE. With the current new RG 126, the licensees for the very first time in Australia must abide by a minimum value of Professional Indemnity insurance cover required. With funding hopefully there would be some new systematic policing of licenses and consumer protection by way of adequate PI insurance cover.
This is even more critical with several hundred new companies wanting to participate in the Australian market. It should also be ringing alarm bells that many of the current mark participants who don't have the required license are currently listed on the ASX-how?
How are their shareholders protected?

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]]> WAYNE CHARLES (SIS INSURANCE BROKERS PTY LTD) Thu, 07 Sep 2017 14:19:10 +1000