ASIC Chair Prioritises Fixing Advice at Senate Estimates Hearing

AFA News 10 June 2021. On Wednesday 2 June 2021, Joseph Longo, the new Chair of ASIC, attended his first Senate Estimates hearing and was asked a question by Senator Slade Brockman, the Chair of the Senate Economics Committee, about the state of the financial advice sector.  He provided a very open response, recognising the level of challenge and ongoing reform and the implications for access and affordability of financial advice for everyday Australians.  He made a commitment to prioritise the issue of fixing financial advice.  His comments were very refreshing, which gives us some room to be more optimistic about the future.

Other questions that were asked of ASIC by Senator Brockman, related to the use of the term “independent” and the ASIC Funding Levy.

Please click here to see a video of the financial advice related questions for ASIC at Senate Estimates.

Last week, answers were released from Questions on Notice that were put to ASIC by Senator Brockman following the March Senate Estimates hearing.  These questions addressed issues like the significant increase in the ASIC Funding Levy, the incorrect usage of the term financial adviser by the media and ASIC’s preparations for the Single Disciplinary Body.

Please click here for a copy of the answer to the ASIC Question on Notice.

Issued 10.06.2021. AFA Policy & Education Update