ASIC asked for formal written response on intra-fund advice
The Australian Securities and Investments Commission (ASIC) has been asked by a key Parliamentary Committee to deliver a written explanation of the status of intra-fund advice.
The chair of the House of Representatives Standing Committee on Economics, Tim Wilson made the request for a written explanation after strong questioning directed at ASIC commissioner, Danielle Press, by NSW Liberal back-bencher, Jason Falkinski.
Falinksi was seeking to get clarity around the status of intra-fund advice and whether it was regarded as personal advice or general advice.
Press answered that intra-fund advice was personal advice but was covered by a carve-out.
Wilson intervened to ask that ASIC reflect upon early evidence given to the committee and the issues raised by Falinski and then provide a formal written response “to provide clarity around” the issue.
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