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
Cbus rolls out death benefit nomination changes
Cbus will roll out changes to death benefit nominations, which include scrapping nominations that expire in three years.
Guardians farewells head of asset allocation
The Guardians of NZ Super has named a new head of asset allocation to replace Charles Hyde, who is leaving to take up a role abroad.
IFS recovers record $250m in unpaid super
Industry Fund Services (IFS) has recovered a record $250 million in unpaid superannuation in the 2025-26 financial year, bringing its total recoveries to $2.5 billion since the service commenced.
Betashares launches diversified ETF suite
Betashares has expanded its core investment range with the launch of four diversified exchange traded funds.
Videos
Brought to you by ![]()
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Andrew Gregory
CHIEF ADVICE OFFICER
UNISUPER
UNISUPER
After 25 years, Andrew Gregory remains motivated by the impact financial advice can have on Australians' lives. As UniSuper's chief advice officer, he is not slowing down on any of his current ambitions. Matthew Wai writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
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?