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READ MOREGovernment to roll advice regulation into Treasury, ASIC
In an unprecedented move overnight, the government has announced it will no longer seek to create a new disciplinary body for advisers, instead handing the role to an existing panel within ASIC, while FASEA’s powers will be rolled into Treasury as the authority is wound up.
In a joint statement released late on Wednesday, Treasurer Josh Frydenberg and Assistant Minister for Superannuation, Financial Services and Fintech Jane Hume said the government would seek to respond to the royal commission’s recommendation around the single disciplinary body by handing the task to ASIC’s existing Financial Services and Credit Panel.
Read more at the Independent Financial Adviser (ifa).
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