ASIC ramps up surveillance and remediation after adviser conflict reportBY KARREN VERGARA | THURSDAY, 25 JAN 2018 12:58PMASIC is ramping up its surveillance and remediation processes to help curb further adviser conflicts of interest within vertically integrated institutions. Related News |
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Blake Briggs
CHIEF EXECUTIVE OFFICER
FINANCIAL SERVICES COUNCIL
FINANCIAL SERVICES COUNCIL
Since becoming chief executive, Blake Briggs has renewed the Financial Services Council's influence, expanded the membership base, and strengthened its policy and advocacy credentials. Karren Vergara writes.
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).