ASIC not looking into AMP BOLR issue

15 July 2020

It is not in the "jurisdiction" of the corporate regulator to look into AMP’s strategy that would significantly reduce payouts from its buyer of last resort (BOLR) arrangements, the Australian Securities and Investments Commission (ASIC) has said. 

Speaking at a Parliamentary Joint Committee today, ASIC chair, James Shipton said that the evidence surrounding the affected planners was a commercial dispute between the parties and it understood that the parties that were pursing this matter was to do with private rights or actions. 

“There is no evidence it is within our jurisdiction and that’s where we view the matter,” Shipton said. 

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“…if there are further and better particulars on this matter than we would be very prepared to review that and amend our conclusion.” 

The arrangements would see an exit of around 250 financial planners and when asked by Senator Deborah O’Neill on whether the exits and financial burdens it would place on the planners would be sufficient enough for ASIC to investigate, Shipton said that was a broader issue that the regulatory was aware of. 

“We see the shifts commercially and environmentally in the industry and we are monitoring it because we are worried about unmet advice needs,” he said. 




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....and that, in AFL footy terms is called a " hospital handpass".

Maybe ASIC just didn't want to get lied to again?

"We see the shifts commercially and environmentally in the industry and we are monitoring it because we are worried about unmet advice needs,” Shipton said.
Really, now you are getting worried about adviser numbers and advisers not taking on new clients.

WOW. what idiot couldn't see that coming. Advisers numbers dropping at unprecedented levels. Soon there will only be a few of us left. Watch client fees and costs go through the roof as advisers cherry pick their ideal clients..

"monitoring" is ASIC speak for "we are not doing anything at present, and have no plans to do anything"

Exactly. RobinBris

But if a SOA has a full stop out of place.........

On what planet did anyone think that ASIC would be involved. This is a contract law issue/trade practices.

BOLR, the dirty underpants of the Advice world. How is that not a conflict of interest?

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