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New ASIC chairman prompts strategy review
mike taylor
The new chairman of the Australian Securities and Investments Commission (ASIC), Tony D’Aloisio, has told a Parliamentary committee that the regulator will be concentrating on helping retail investors better manage their investments and wealth, including with respect to small superannuation funds.
D’Aloisio told the Senate Standing Committee on Economics that the growth in direct retail investment had increased significantly and that this could be seen in such things as the number of smaller superannuation funds, retail trading volume on the Australian Stock Exchange and retail investments in the unlisted sector.
“We are also seeing more sophisticated products aimed at retail investors such as derivatives, warrants, contracts for difference, margin loans and hybrids,” he said. “These developments have led us to reassess how we can work to better assist this retail sector.”
D’Aloisio used his address to the Senate Committee to outline the regulator’s broad agenda and said that over the next nine to 12 months there would be an overall review of ASIC’s strategies.
31 May 2007
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