Before COVID-19 ASIC was investigating mostly retail funds
The Australian Securities and Investments Commission (ASIC) is currently investigating three times as many retail funds as it is industry funds.
Answering a question on notice from the Joint Parliamentary Committee on Corporations and Financial Services, ASIC deputy chair, Karen Chester said the regulator was pursuing 16 current investigations in relation to retail funds six of which had arisen either from Royal Commission case studies or referrals.
She said that five current investigations were in relation to industry funds.
The question was asked of ASIC in late February with the answer being noted by the Committee in late March.
Both ASIC and the Australian Prudential Regulation Authority (APRA) have subsequently signalled a change in emphasis and have made clear to superannuation fund trustees that they must prioritise having sufficient liquidity to meet any demands arising from the Government’s hardship early access regime.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
