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Smaller licensees should be aware that they are just as much on ASIC’s radar as their larger counterparts as increased data and technology means the regulator has greater transparency than ever, according to a compliance expert.
American Express is the latest company to run afoul of the DDO regime after the regulator found the credit card company lacked a sufficient TMD describing who the credit cards would be appropriate for and how the cards should be distributed.
Speaking at the Financial Standard Technical Services Forum in Sydney this week, Assured Support managing director Sean Graham said that the Quality of Advice Review is disappointing for advisers who have worked hard to build the foundations of an advanced profession, only to be faced with continuous regulatory changes.
One year on, how have the Red October regulatory changes affected the advice ecosystem and will have the Quality of Advice Review make any further impact? Has the pendulum swung too far and how serious are regulators about pulling it back?
There are so many back office changes needed to accommodate upcoming reforms that compliance consultants are calling it 'Red October'. ASIC, aware of the strain, has indicated they'll take a "reasonable" approach to enforcement... initially.