ASIC improvements to the regulation of financial services
The Australian Securities and Investments Commission has recently announced improvements to the regulation of financial services in Australia, including reforms to dispute resolution schemes, and consolidating guidance on conduct and disclosure obligations for financial advisers. These reforms are explored, in the context of increased scrutiny of the financial services industry and, in particular, the role of financial advisers resulting from the changing market conditions and legal developments following the global economic slowdown.
This article first appeared in the Lexis Nexis Financial Services Newsletter in July 2009 and is republished with the permission of Lexis Nexis.
Significant cases, legislation or articles referred to
- ASIC Regulatory Guide 139 Approval and Oversight of External Dispute Resolution Schemes
- ASIC Regulatory Guide 165 Licensing: Internal and external dispute resolution
- Section 912A Corporations Act 2001 (Cth)
- ASIC Consultation Paper 102 Dispute resolution review of RG 139 and RG 165
- ASIC Regulatory Guide 175 Licensing: Financial product advisers’ Conduct and disclosure
- Financial Planning Association of Australia Financial Planner Remuneration Consultation Paper 1 May 2009