AFA News 26 November 2020. ASIC appeared before a hearing of the Parliamentary Joint Committee on Corporations and Financial Services on Wednesday 18 November 2020. Whilst a lot of the focus of that committee hearing was on the issue of expenses incurred by the Chair and Deputy Chair, and the implications for the ASIC governance model, there was also some time devoted to important questions from members of the committee on financial advice related matters.
NSW Liberal Jason Falinski, who is the Federal Member for the Sydney Northern Beaches electorate of Mackellar, asked a number of questions including with respect to ASIC media releases referring to a person as being a financial advisor, when there was no evidence that this was the case. He also asked questions about ASIC funding of consumer group submissions as part of the FASEA consultation on the Code of Ethics in 2018. He also raised questions about the use of the term “independent” by an asset consulting firm that is owned by four industry funds. Please click here to see the video of the questions asked by Jason Falinski MP.
Queensland LNP Bert van Manen, who is the Federal Member for the Southern Brisbane electorate of Forde, also asked a series of questions about ASIC’s regulatory guidance, the extension of lookback projects to mid-tier licensees, the 2021 LIF review and comparisons between the treatment of ASIC Report 413 and Report 639. Bert van Manen also asked questions about the challenges in the Professional Indemnity Insurance market. Please click here to see the video of the questions asked by Bert van Manen MP.
These Parliamentary hearings are an important part of the oversight model for ASIC, and other independent regulatory agencies. For any questions on the PJC hearing please email firstname.lastname@example.org.
Issued 26.11.2020. AFA Policy & Education Update