POWERED BY MOMENTUM MEDIA
ASIC chair issues industry ‘fairness challenge’
Australian Securities and Investments Commission (ASIC) chair James Shipton has issued a ‘fairness challenge’ to the financial services industry, asking it to consider if any of their practices or products have negative consequences.
Speaking at the ASIC Annual Forum in Sydney, Shipton said he was ‘not convinced’ by the level of questioning and discipline firms applied when launching new products.
“They need the procedural discipline to ask ‘is this practice or product going to cause harm, be detrimental or have a negative consequence?’
“I am not convinced this level of questioning and procedural discipline has been applied by the financial industry when developing, and reviewing, business practices and financial products.”
He also felt financial services needed to be more inclusive and include every segment of the community, a quality that would improve Australians’ trust in the financial services industry.
“Ultimately, we need a financial system that not only serves every segment of the community but also is one where those who work in it feel proud of being a part of it.
“Proud because there is a broader community purpose to what they do and proud because they are professional in how they do it.
“If we can achieve this then we will have gone a long way for Australians to have trust and confidence in the financial system- something that is not only what Australians deserve but what is their right.”
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
Australian retirees could increase their projected annual incomes between 3 and 51 per cent by incorporating personal and household data into their retirement income strategies, according to new research.
The best interests duty and new class of adviser didn't make the cut for the pre-election DBFO draft bill; however, ASFA has used its submission to outline what it wants to see from the final package.
The peak body stressed that the proposed financial advice reforms should “pass as soon as possible” and has thrown its weight behind super funds providing a greater level of advice.
Economists from the big four banks have all predicted the RBA to deliver another rate cut during its July meeting; however, some admit the decision will be a close call.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.24 3 y p.a(%)
4
Pengana High Conviction Equities B
40.36 3 y p.a(%)
5
Pengana High Conviction Equities A
40.34 3 y p.a(%)
