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Regulatory

ASIC, "twin peaks" model faces review

Evidence that it took at least 16 months for ASIC to act on whistleblowers' information about misconduct within the Financial Planning division of Commonwealth Bank became a turning point in the long-running debate around the effectiveness of the current regulatory model for the financial services industry.

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Read more: ASICRegulatoryAPRACommonwealth BankFinancial Planning divisionNationals Senator John WilliamsAssociationAustralian Prudential Regulation AuthorityBrad FoxCBADon NguyenEconomistFinancial AdviceFinancial AdvisersFinancial Services CouncilFutureJohn BrogdenLiberal Party leader John HewsonRicky GillespieSenate inquiryStakeholder SurveyStronger SuperTreasurer Joe Hockey