Are licensees dobbing in their peers?
The Australian Securities and Investments Commission (ASIC) has confirmed the number of breaches that were reported by another licensee.
Under the reportable situations regime reform that came into force on 1 October, 2021, the regulator stated a licensee must report to ASIC where they have reasonable grounds to believe that a reportable situation has arisen in relation to any other licensee, that licensee must report this to ASIC within 30 days.
A copy of the report was also needed to be provided to the other licensee unless there were reasonable grounds to believe that ASIC was already aware of the reportable situation.”
However, this information was excluded from the release when ASIC published its first data publication last month.
When questioned by Money Management following the publication of the initial data report, ASIC said: “During the period between 1 October, 2021 and 30 June, 2022, 121 reports were made to ASIC about another licensee.
“ASIC’s consideration of these reports is in line with its processes to identify, triage and respond to all breach reports. This may lead, in some cases, to engagement with the reporting licensee for additional information, surveillance of investigation.”
The information was omitted from the initial data report as it did not form part of the information that it was required to publish annually.
AUTHOR
Laura Dew
Recommended for you
ASIC has issued infringement notices to two AFSLs over financial advisers providing personal advice while they were unregistered.
Australian retirees could increase their projected annual incomes by as much as 51 per cent through comprehensive financial advice, according to a Vanguard study, but cost continues to be an issue.
AMP has announced a senior appointment to its North leadership team, reinforcing the firm’s commitment to the advice industry.
Despite the financial adviser exam being rooted in ethics, two professional year advisers believe the lack of support and transparency from the regulator around the exam is unethical.
You want us to dob in people like us for you to crucify and achieve your targets, but you won't even look at anything corporate. I continually contacted ASIC several years ago about a $100million dollar event by a major player I worked for and I couldn't even get someone to take the call.
Just go away!