ASIC faces parliamentary scrutiny
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.
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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