Industry should help fund ASIC: ANZBY LAURA MILLAN | TUESDAY, 21 APR 2015 3:45PMANZ top executives supported the idea that the financial services industry should help fund the Australian Securities and Investments Commission (ASIC) so it can "fully police industry behaviour." Related News |
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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.
How ridiculous. Industry funding the government regulator for the industry. Am I missing something here? The big banks are saying that ASIC needs more resources to police the industry and that industry should fund ASIC. So then the banks raise their fees to cover their contribution to ASIC? Simply unbelievable and naive comment.
The big banks hire financial planners whose main job is sell bank products regardless of the inherent risk to anybody that walks through the branch office doors. Surely the question is, when do the big banks take responsibility for their own actions and actions of their staff, admit their collective mea culpa, change their employment practices and disincentivise /prevent their staff from selling high risk products to unsuspecting customers?
As for ASIC, the question has to be is why ASIC has not suspended or revoked the banks financial planning AFSL. There is ample evidence to take to the courts should the banks appeal the revocation of the AFSL. If it was Mr Fred Nobody, a financial planner in the burbs the AFSL would have revoked in nanoseconds.
So....... implement the recommendations of the Trowbridge report, and of the upfront commissions that insurance companies pay, advisers get $1,200 with the remainder going to ASIC?