Yet another Parliamentary inquiry into planners
The financial planning industry is again expected to be the subject of a Parliamentary inquiry along with the actions of the Australian Securities and Investments Commission (ASIC), following reactions to daily newspaper reports focused on the 2011 enforceable undertaking imposed on Commonwealth Financial Planning.
A number of Government, Coalition and Green parliamentarians have expressed concern at the implications of the newspaper reports and the actions of ASIC, and a motion for a committee inquiry has been put by National Party Senator, John Williams with the support of NSW Labor Party Senator, Doug Cameron.
Cameron has been quoted as saying the inquiry into ASIC will be wide-ranging, and given the scale of the problem, it is ‘'appropriate for the Senate to investigate a range of issues including financial planners, the Commonwealth Bank and ASIC''.
The Senate is expected to vote on the motion today.
AUTHOR
Mike Taylor
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
