ASIC to review grandfathering steps

The Australian Securities and Investments Commission (ASIC) has announced it will be investigating progress in the transition away from grandfathered remuneration arrangements for financial advisers.

The regulator said the investigation would review steps taken by industry participants from 1 July, this year, to the 2021 Government deadline and investigate any impediments to the transition.

ASIC said that it would be conducting both quantitative and qualitative reviews would start surveying entities known to pay grandfathered conflicted remuneration to Australian financial services licensees or their representatives from today.

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Entities will be required to provide data covering a 12 month period from 1 July, 2018 to 30 June this year, and thereafter on a quarterly basis.

It said the analysis would be provided to the Treasurer, Josh Frydenberg, by 30 June, 2021.

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Will the progress be published so we can all watch the destruction of an industry in real time?

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