The involvement of the Australian Securities and Investments Commission (ASIC)-funded Consumer Advisory Panel (CAP) in academic submissions has been going on for at least a decade with at least one 2011 Future of Financial Advice submission (FOFA) submission authored by a University of Sydney academic who is now one of ASIC’s most senior executives.
A joint consumer submission filed as part of Treasury’s FOFA consultation process in 2011 was prepared by Associate Professor Joanna Bird who is now ASIC’s executive director, financial services and wealth and responsible for overseeing the financial planning regime.
Attention has been directed towards the 2011 submission in circumstances where ASIC’s Consumer Advisory Panel has been confirmed as having helped sponsor two Griffith University academics in making a 2018 consumer submission as part of the Financial Adviser Standards and Ethics Authority (FASEA) code of ethics consultative process.
The 2018 submission on the code of ethics was authored by Dr Hugh Breakey and Professor Charles Sampford and is regarded as having been supportive of the approach adopted in the controversial Standard 3.
The 2011 submission was prepared by Bird on behalf of consumer groups, CHOICE, COTA, the Consumer Action Law Centre, National Information Centre on Retirement Investments (NICRI) and the Australian Investors Association (AIA).
The submission discloses input from those organisations and notes that the following individuals have contributed to the content of the submission:
- Stephen Duffield, consumer representative FOS (panel);
- Jenni Eason, member ASIC’s Consumer Advisory Panel, Australian Investors Association;
- David Leermakers, policy officer, Consumer Action Law Centre;
- Catriona Lowe, chief executive officer, Consumer Action Law Centre;
- Jenni Mack, chair ASIC’s Consumer Advisory Panel, chair CHOICE; and
- Wendy Schilg, member ASIC’s Consumer Advisory Panel, chief executive officer, National Information Centre on Retirement Investments Inc.
Catriona Lowe was a member of the FASEA board before resigning on 31 January, this year.
Among the points made in the 2011 submission was the need for annual fee disclosure statements and annual opt-in and rejecting proposals that the renewal notice period be extended beyond two years.
The submission also sought the disclosure of commissions and other remuneration received in the prior 12 months.
