ASIC has announced the creation of a 10 member financial adviser committee to lift the regulator’s interaction with practising advisers and the issues which affect their businesses and clients.
In announcing the establishment of the Financial Advisers Consultative Committee (FACC), ASIC Deputy Chair, Peter Kell said while the regulator engaged with participants in the advice sector, as well as financial advice industry bodies, there were further benefits in ASIC extending its interaction with this sector through a committee of practising advisers.
Specifically, ASIC stated the FACC would supplement its engagement with the advice sector by contributing to ASIC’s understanding of issues in financial advice, including those that directly impacted practising advisers, and improving its capacity to identify, assess and respond to emerging trends in the financial advice sector.
ASIC said the FACC members were practising financial advisers with a range of advice skills including investments, insurance, superannuation, self-managed superannuation funds, and digital financial advice.
The FACC members are:
· Craig Banning – Navwealth, Chief Executive
· Jennifer Brown – JBS Financial Strategists, Chief Executive
· Chris Brycki – Stockspot, Founder
· Steven Dobson – Mal Dobson and Associates, Director
· Mark Everingham – Personal Risk Professional, Managing Director
· Tony Gillett – Retirewell, Director
· Adam Goldstien – Skeggs Goldstien Accounting, Director
· Cathryn Gross – Twelve Wealth, Founder and Principal
· Suzanne Haddan – BFG Financial Services, MD
· Kevin Smith – The Professional Super Advisers, Director
Any risk writers ?
YES – excellent question ‘Old Risky’ and, typical, not mentioned in the article. The more things change . . . .
Pretty sure Mark Everingham is a risk writer especially given the name of his business and he is well known in the industry. Did you read the article or just post a reply thinking the worst of ASIC?
Typical, form a committee to consult after bringing in FOFA, MySuper, LIF, Education changes etc etc. What foresight!
The most effective way to improve compliance (in any industry) is through monitoring and observation of behaviour. That’s why mandatory recording of conversations between advisers and clients is law in the USA, UK and Europe. When is the Aus government going to introduce the necessary legislation to ensure this happens in Australia? It now costs next to nothing to record, store and retrieve conversations, either by phone or face to face. There is now no impediment, so why is the government dragging its feet?
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