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ARTICLE · 21 AUGUST 2013

Reading between the lines: ASIC's update on financial advice stakeholder engagement

Clayton Utz
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Financial advice licensees have a great incentive to ensure their governance, risk and compliance frameworks are robust.

AustraliaFinance and Banking
Samantha Carroll
Samantha Carroll
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Key Points:

ASIC's recent reporting arising out of its financial advice industry review and the start of FOFA obligations give financial advice licensees even greater incentives to ensure their governance, risk and compliance frameworks are sufficiently robust and embedded into day-to-day operations.

ASIC recently released its Report 13-197MR (Phase 2 Report) signifying the end of a lengthy engagement process with the financial advice industry concerning financial advice practices.

The release of the Phase 2 report coincides with commencement of mandatory compliance with the Future of Financial Advice (FOFA) reforms in July 2013. Some of the observations in ASIC's Phase 2 Report may see licensees tweaking their compliance systems further as they begin post-implementation reviews and backfilling processes.

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