Industry needs to collaborate with regulators: ASIC

The Australian Securities and Investments Commission (ASIC) has encouraged the industry to help the regulators better regulate the industry and call them out when improvement is needed.

Speaking at the FSC Life Insurance Summit, Emma Curtis, ASIC senior executive leader – insurers, financial services and wealth group, said: “We have the ‘twin peaks’ model here in Australia, which means we have ASIC as the conduct regulator and markets regulator, and the Australian Prudential Regulation Authority (APRA) as the prudential regulator.

“So, you can see them as bookends to help steer the industry towards consumer-centric outcomes.

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“We work very closely together – I probably can’t stress that enough – you probably don’t see it a lot but it happens behind the scenes.

“There is a new legislative imperative for us to share information and to coordinate our work so we’re focused on that at the moment and moving into that overarching regulatory regime.

“What I would do is call on the industry to help us regulate you better collaboratively and call out if we’re not doing that well and could improve.

Suzanne Johnson, APRA general manager - life insurance division, said: “The twin peaks model is very common across the globe and works well, we know at times there can be a grey space between that.

“We do have separate mandates and won’t apologise for that, but at times we will make different decisions when APRA will go in one direction and ASIC has taken a slightly different approach.”

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people have been calling you out for years, it's clear you don't listen, it's just rhetoric.

Yep typical ASIC never accepting any blame for their BS massive over Regs madness.
More pathetic catch phrase Canberra bubble bureaucratic moron speak, which means nothing will be solved.
Hey ASIC, ever spoken to a Real Financial Adviser about what we do and the massive BS compliance you impose ? Thought not
Hey ASIC, ever spoken to Real Advisers clients ? And the BS compliance they don’t read, understand but certainly pay for? Yep thought not.
Isn’t listening to FSC, Choice, your own Left Wing Loonie approach is really going well hey !!!!
Freaking mind numbing moronic Regulators.

Once again ASIC is trying to blame us for its failures. How boring. If they gave a stuff about financial planning, they would put together a panel of experienced, practicing financial advisers and hand over control of regulation and adviser discipline to the panel. This is how every other profession operates. As it stands, we are controlled by a bunch of failed lawyers and financial planner rejects (ie. those who failed in the job, or didn't make it past paraplanner or compliance officer level), all of whom arrogantly sit in their ivory towers, bitter about their own failures and telling us we should do a better job, despite having ZERO idea of what it takes to deliver quality advice that consumers want and value. Despite all of ASIC's attempts to destroy us, those consumers who use financial advisers, continue to rate our services extremely highly - on par with the most trusted professions.

Note that the ASIC person said this at an FSC conference. When she calls for "industry" help in better regulation she is referring to the life insurance and superannuation companies that comprise FSC.

Those companies would love to get rid of independent professional advice, so they can sell more junk products via advertising. FSC and ASIC are already well aligned on this agenda.

If ASIC is still asking what they need to do to improve then it shows how little they listen to anyone other than those who share their mantra that all financial planners are bad. For years, actually decades, they have been told what they could do to improve the advice process for clients. Instead they have completely ignored it and then sit back and wonder why the much needed financial planning profession is dying. They don't want to speak directly to financial planners, and if a planner is brave enough to give them true feedback they hold it against them and look to shut they down. ASIC is a disgusting, corrupt, and incompetent organisation. Maybe the government has finally worked this out considering the LIF review has been taken off them.

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