Association ‘not convinced’ on disciplinary panel
Association ‘not convinced’ on disciplinary panel
An industry body has pointed to a number of issues with the composition and resourcing of the government’s forthcoming adviser disciplinary panel, suggesting it is likely to lead to enforcement outcomes largely dictated by the corporate regulator.
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In its submission to the government’s consultation on the single disciplinary body, the AFA said provisions in the legislation allowed members to be appointed to the Financial Services and Credit Panel – which currently sits inside ASIC and is to be charged with disciplinary responsibilities – with no experience in the advice sector.
PwC to overhaul ASICâs structure
Jun 9, 2021 â 10.34am
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The leaders of the Australian Securities and Investments Commission are braced for a restructure after new chairman Joe Longo tapped consultants PwC to review the regulator.
Mr Longo, who formally took over from James Shipton at the start of this month, has also set up his own office of the chairman to help stamp his authority on the corporate watchdog.
Appearing at a Senate Estimates committee last week, Joe Longo said he believed ASICâs âstrength and effectiveness as an institution can be enhancedâ.Â
The move to probe ASICâs structure comes ahead of a soon-to-be-launched capability review of the regulator by the governmentâs new Financial Regulator Assessment Authority.
The House economics committee has further questioned the prudential regulator around the legality of an industry super fund allegedly using member funds to pay off remediation costs as a result of fee
Former financial advisor Ross Andrew Hopkins has been sentenced to a maximum period of six years’ imprisonment, with a non-parole period of four years, after he was found to have misappropriate