IPA calls for ASIC’s powers to be stripped

Speaking at the SMSF Association Technical Summit, IPA group executive - advocacy and policy Vicki Stylianou said that in order to address the unmet demand for advice for consumers, the regulatory regime for financial advice needs to move to a holistic approach.

“This involves a lot of different stakeholders and a lot of different processes but we homed in on ASIC in our submission. The inspiration for that primarily came out of the Australian Law Reform Commission’s interim report which came out in November,” Ms Stylianou said on a panel discussion.

“What they were saying [in that report] was the fact that ASIC can make notional amendments through mostly legislative instruments and there’s about 100 of these instruments and it has led to overwhelming complexity. It’s a quagmire, and it's made the law inaccessible.”

Shared from SMSF Adviser