Broaden ASIC banning powers: ReportBY KARREN VERGARA | THURSDAY, 7 SEP 2017 12:38PMThe corporate regulator could soon have increased power to ban "unfit" senior managers, directors and officers of financial services companies. Related News |
Editor's Choice
Local family office backs new venture to invest in climate tech
The family office of Daniel Besen has become an anchor investor in new venture capital firm Climate Tech Partners, investing in "innovative software and hardware companies" accelerating decarbonisation.
FSCP deregisters adviser for two years
A financial adviser who provided "incompetent" SMSF advice has been barred from practising in the industry for two years by the Financial Services and Credit Panel (FSCP).
SMSFs outperform APRA funds over five years: Research
New research shows that self-managed superannuation funds (SMSFs) outperformed APRA-regulated funds by 1.2 percentage points per annum in the five years to June 2023.
Global X launches Russell 2000 ETF
Global X ETFs has launched Australia's only exchange-traded fund (ETF) tracking the Russell 2000 Capped Index.
Products
Featured Profile

Raelene Seales
CHIEF EXECUTIVE OFFICER
PRIME SUPER
PRIME SUPER
Prime Super's Raelene Seales' immersions in cultures of innovation and creativity have equipped her to breathe new life into the fund, to the benefit of its broad church of members. Andrew McKean writes.
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?