ASIC faces parliamentary scrutiny

15 July 2020

The same Parliamentary Committee whose members questioned the Australian Securities and Investments Commission (ASIC) about real estate agents promoting the use of early release superannuation to meet rent payments will be grilling the regulator again today.

The Parliamentary Joint Committee on Corporations and Financial Services will be reviewing the performance and operations of ASIC, with its chair, Victorian Liberal Senator, James Paterson stating that it will have a particular focus on ASIC’s performance during the COVID-19 crisis.

The committee hearing comes at the same time as a number of financial advisers have been lobbying Parliamentarians around the need for ASIC to allow greater leeway around client opt-in arrangements while others have been pushing for greater clarity around the legitimacy of intra-fund advice.

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At the same time, the committee hearing represents the first Parliamentary scrutiny of ASIC since it suffered significant court losses, most recently against Westpac over responsible lending.

The regulator is also expected to be questioned over its use of its product intervention powers.

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It would be great if the Committee could ask ASIC why they put so much of their resources into persecuting licensed financial advisers for the most minor of issues, yet they turn a blind eye to the massive amount of very bad financial advice given by unlicensed advisers such as accountants, mortgage brokers, real estate agents, and super fund employees.

Ask them about their gift register, the size of their salary increases since separation from the public services act, Why they continue to persecute advisers especially when one of their commissioners has a conflict of interest being on the board of a robo advice company, why they don't police dodgy company directors and insider trading on asx listed companies, how much has their litigation at all costs strategy cost the tax payer. You could really create a long list of questions.

Maybe ask them to list all the benefits to the Australian public through the introduction of LIF? Just one benefit. One.

hello another question for the parliamentary committee to put to ASIC.

how well is your, "why not litigate" strategy going?" how much was the cost order for the WBC (wagyu and shiraz case again?)

would you like us to increase funding to give you more money to waste?

When will AFCA start hearing claims on Sterling New Life. Has ASIC ascertained name of Thetas Insurance Company. When will both Government departments start working again? We pensioners caught up in SNL cant wait any longer.

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