Adviser PI issues not our remit: ASIC
Adviser PI issues not our remit: ASIC
The corporate watchdog has said it’s aware of problems in the PI market for planners because of the restrictive regulatory environment, but doesn’t have the power to step in.
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ASIC provided responses to questions on notice from Coalition MP Bert van Manen, and new parliamentary joint committee chair Andrew Wallace around the state of the PI market for advisers and whether it was engaging with government on any potential issues.
“It seems to be that more and more businesses and professions are struggling to find quality, affordable, professional indemnity insurance. If the finance sector, which is certainly within what we’re talking about here, can’t get property valuations done, where do we go from there?” Mr Wallace asked ASIC deputy chair Karen Chester at a recent hearing of the committee.
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