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
Value versus growth: Market expectations in 2024
|In 2022, concerns about rising interest rates and the Russia-Ukraine war brought fundamentals back into focus, creating numerous opportunities for value investing to generate alpha. Then transitioning to the first half of 2023, that period saw significant performance for growth stocks. What's next?
Aware Super appoints general manager, strategy and transformation
|The $175 billion superannuation fund has recruited from Deloitte for the newly created role.
Jinding funds management division spun off
|The funds management division of Australian property group Jinding has launched as its own entity.
CFA Society Australia launches
|CFA Society Australia has been launched following the amalgamation of three local CFA Societies.
Products
Featured Profile
Robert De Dominicis
CHIEF EXECUTIVE OFFICER
GBST HOLDINGS LIMITED
GBST HOLDINGS LIMITED
It was during a family sojourn to the seaside town of Pescara, Italy, Rob DeDominicis first laid eyes on what would become the harbinger of his future. 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?