A recap of the PJC on Corporations and Financial Services Hearing with ASIC

AFA News 29 July 2020. On Wednesday 15 July 2020, the Parliamentary Joint Committee on Corporations and Financial Services held a public Hearing with ASIC.
The PJC has responsibility for the oversight of ASIC and conducts these Hearings a few times each year.
These Hearings provide the committee members with the opportunity to ask questions about the activities of ASIC.
Financial advice is almost always one of the subjects that comes up.

Bert van Manen MP, who is the Member for the seat of Forde, on Brisbane’s southern side, and a former financial adviser asked a number of questions with respect to the state of the life insurance market,
the application of clawback, the cost of providing financial advice and product provider expectations of licensees.
The responses including confirmation that ASIC is looking at the issue of clawback in the context of the impact of the COVID-19 crisis.

Please click here for a copy of the transcript of the hearing. You will see the questions from Bert van Manen on pp19-21.

For any questions on the PJC Hearing, please email the AFA at policy@afa.asn.au.