ASIC sets out 2012 agenda for financial services industry

Key Points:

ASIC's 2012 priorities for the financial services sector are advertising, Strong Super, and shorter PDS disclosure.

ASIC delivered its own Valentine's message – of sorts – to the financial services sector. Instead of roses and chocolates, ASIC Commissioner Peter Kell set out the regulator's priorities for 2012 at the ASFA NSW February Luncheon Briefing on Tuesday 14 February, with a particular emphasis on advertising of financial products and services.

ASIC's main priority: "clear, accurate and balanced information about a financial product or service"

According to Commissioner Kell, "a key lesson from the last few years is that a proactive regulatory approach improves market resilience and reduces the risk of investor losses compared to reactive regulation".