ASIC Commences Second Phase of Review of Financial Advice Industry Practice

In September 2011 the Australian Securities and Investments Commission ("ASIC") released a report entitled "Review of Financial Advice Industry Practice" that described its approach to requesting information to help it monitor financial advice gatekeepers and improve industry standards. In the second phase of the review, ASIC will provide a questionnaire to 30 of the largest financial service licensees that will include specific questions on licensee business models, training of representatives, and product and strategic advice. ASIC will use the information from this review to examine financial advice compliance systems and to inform its analysis of the risks facing gatekeepers in the financial advice industry. 

Originally Published: 
07/12/2011