New-look ASIC takes first steps
The Australian Securities and Investments Commission (ASIC) officially began operating under a new structure yesterday after a 12-month strategic review of its practices revealed the need for quicker reaction times and greater responsiveness.
As well as the managerial changes Money Management reported last week, ASIC has also committed additional resources to its surveillance operations and market research, while encouraging a better balance between national and regional initiatives.
In terms of its new structure, ASIC has replaced the four previous ‘silo’ directorates with 18 teams covering areas of the financial economy such as retail investors and consumers, investment managers, investment banks, superannuation funds and financial advisers.
Going forward, it plans to establish an external advisory panel, which will provide information and guidance on market developments and potential systemic issues.
AUTHOR
Recommended for you
The Financial Advice Association Australia has released its pre-budget submission, including six key items to help reduce the cost of professional advice and increase its accessibility.
Phil Anderson, general manager for financial advice at the FAAA, believes the CSLR levy could reach $100 million if Dixon Advisory complaints are allowed to continue.
Proposed legislative changes to safe harbour duty could result in advisers having reduced professional indemnity costs, a joint submission by seven major licensees said.
With 66 per cent of newly established advice licensees being sole advisers, what are the risks and legal ramifications to consider when taking the plunge into self-licensing?
