ASIC tells planners what good looks like

Financial planning and the role of financial planners as gate-keepers remains high on the agenda of the Australian Securities and Investments Commission (ASIC), according to the regulator’s corporate plan covering the next five years.

The corporate plan, released on Friday, sought to state what ASIC believes “good looks like” in the financial planning sector and listed circumstances where financial advisers:

  • Act professionally, treat consumers fairly and prioritise consumers’ interests;
  • Provide accessible, strategic financial advice that is aligned with consumer needs and delivers value for money; and
  • Ensure that consumers are fully compensated when losses result from poor conduct.
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Among the key risks outlined by the regulator for the period were:

  • Poor culture and conduct in financial services and credit resulting in poor outcomes for investors and consumers;
  • Poor culture and conduct in markets undermining market integrity;
  • Financial vulnerability of consumers at key decision points;
  • Misalignment of retail product design and distribution with consumer needs;
  • Digital disruption;
  • Inadequate risk management of technological change, including cyber threats; and
  • Cross-border businesses, services and transactions in an uncertain environment.

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Oh, good as in wreaking havoc on an entire industry (like LICS) on hearsay without proper research and due to less than 1% 'doing the wrong thing' - you mean that type of 'good'?

Or how about blatant bias by carving out segments for special interest groups (ISA) and never checking their 'advice'; or media whoring promoting of a new inexperienced & subsequently problem ridden AFSL (CPA) meanwhile throwing almost slanderous assertions at the rest of us, do you mean that type of 'good'?

ASIC - pretty appropriate, they are A SICk joke!

"Ensure that consumers are fully compensated when losses result from poor conduct".
ASIC have shown very poor conduct in getting it wrong over Life insurance. With the passing of the LIF based on flawed data from 200 targeted files by ASIC, hundreds of thousands of consumers will no longer be able to access affordable life insurance advice in the future and will have to pay a fee in the future for something that was previously free. Or worse they will only be able to afford to access junk direct insurance (higher premiums, lower claim payouts). ASIC have now admitted that they got it wrong once the data had been provided by the insurers after the LIF was passed.
So my question to ASIC is how are you intending to compensate these consumers for your wrongdoing and poor conduct? Perhaps the FSC who had the correct data and purposely hid it until the LIF was passed may be a good starting point?

Dear ASIC, here are some listed circumstances where idiotic Gov regulators can aim to be 'good':

* Act professionally, treat advisers fairly and prioritise consumers’ interests;
* Provide an environment where accessible, strategic financial advice aligned with consumer needs can be delivered with value for money by removing unnecessary over-regulation; and
* Ensure that advisers and consumers are fully compensated when losses result from poor research (LIF), poor industry consultation (FoFA), poor foresight (CPA), poor oversight (Storm), and abysmally poor conduct (Kell, Medcraft).

Even from here in Kuala Lumpur, I can say it's a typical load of bullshit written up by a**lickers. My sympathies to you guys.

Hang on the phone is ringing. It's someone calling me (because the anti hawking legislation doesn't apply to these people). They're selling me a home loan to buy an investment property (because these aren't financial products) apparently I need $1.7 million to retire and the pension is being scraped and I'm up $#@% creek. Good job ASIC. Let's get rid of the advisers that need to produce advice in writing, hold PI cover, have access to a dispute resolution process, have to be licenced and let's make it hard for them to operate and be burred in red tap, pay adviser levies of $1,500, spend thousands to get a degree and let's make it ridiculously easy and zip consumer protection for another sector.

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