ASIC claims it has no pre-determined compliance rate for advice
“A smaller subset of 15% of files indicated that the member was at risk of suffering financial or non-financial detriment.” “ASIC does not have a pre-determined compliance rate or test pass rate. When ASIC undertakes advice reviews in its projects, it assesses the advice records for compliance and reports on the outcome of the assessment. Further work undertaken by ASIC as a result of the advice reviews depends on the nature and scale of concerns identified. For example, for files reviewed as part of REP 639 where there was an indication that the member was at risk of suffering financia...
Source: moneymanagement.com.au