This update is intended as a general overview, targeted specifically at claims officers and underwriters of insurers of professionals required to comply with the Future of Financial Advice (FOFA) reforms.
WHAT IS IT?
The Australian Securities and Investments Commission (ASIC) has now increased powers to protect the public and reinforce the integrity and reputation of the financial services industry due to the FOFA reforms.
Prior to implementation of FOFA, a number of factors were impacting on the ability of ASIC to exercise its powers including decisions of the Administrative Appeals Tribunal (AAT) relating to when someone "will" breach the law, the difficulty with removing individuals (given that the existing legislation focused upon licensees) and the lack of scope for ASIC to remove representatives in certain circumstances, such as where they were not of good fame and character.
Please see full article below for more information.
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