Financial Standard Comments - ASIC ramps up surveillance and remediation after adviser conflict report ASIC is ramping up its surveillance and remediation processes to help curb further adviser conflicts of interest within vertically integrated institutions. https://www.financialstandard.com.au/feed/latest?story=112279251 Mon, 05 Feb 2018 15:05:04 +1100 Mon, 05 Feb 2018 15:05:04 +1100 en-AU Copyright 2026 Financial Standard 5 Comment by Joe Ruzzi (Ruzzi Consulting)

ASIC would be better served if it made recommendations to the government along the lines of:
1. Prevent product providers with an AFSL from providing personal advice, only general advice.
2. Regulate providing personal advice on and/or dealing in a financial product to independent Auth Reps only.

In the long term, I would suggest looking into the possibility of (i) combining the AFSL and ACL into one licence, (ii) merging their respective laws into one new statute and (iii) creating a separate authority to administer "Financial Services" (not ASIC).

Reply to article

For original story, Click Here.

]]> Joe Ruzzi (Ruzzi Consulting) Mon, 05 Feb 2018 15:05:04 +1100