Editor's Choice
Frontier awards custody mandate for ICIO offering
Frontier Advisors has awarded a custody and administration mandate for its independent chief investment officer offering to the Australian market.
Alexander Funds names new chief executive
Alexander Funds has named a new chief executive, hiring from Australian Unity and set to take on the role September 7.
Soul Patts to pocket $1.89bn from Brickworks divestment
Washington H. Soul Pattinson & Co is set to receive $1.89 billion after agreeing to divest its stake in Brickworks' industrial joint venture property trusts to Goodman Group, freeing up capital for future investment opportunities.
ASIC expands list of super lead generation entities
ASIC has names 19 additional entities involved in superannuation lead generation activities as part of an ongoing review into business models that may encourage consumers to switch super funds unnecessarily or inappropriately.
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Featured Profile
Brian Redican
CHIEF ECONOMIST
NEW SOUTH WALES TREASURY CORPORATION
NEW SOUTH WALES TREASURY CORPORATION
What makes an economist an economist? TCorp chief economist Brian Redican reflects on over three decades of navigating Australia's economic cycles. Riddhima Talwani 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?