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.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
