And for those advisers who might worry that ASIC is not pulling its weight, Outsider is here to tell you that the regulator has used its latest four-year corporate plan to tell you that it will be doing its utmost to help the forthcoming Financial Regulator Assessment Authority intended to review and report on its performance.
ASIC said it was currently pursuing two initiatives to further enhance its performance reporting, by better measuring the efficiency of its activities and by assessing the impact of key projects and regulatory interventions – something Outsider fears probably involves a financial advice shadow shop and possibly a taskforce.
“As the Government moves forward with the establishment of the Financial Regulator Assessment Authority to review and report on ASIC’s and APRA’s performance, we will also actively support the new body in assessing our effectiveness,” it said.
Outsider certainly hopes that ASIC is not implying that it can influence a Government body intended to watch the watchers – ASIC and the Australian Prudential Regulation Authority. Surely not.
