ASIC says financial services royal commission investigations complete

On Thursday (3 February), ASIC said its “investigations into matters arising from the Financial Services Royal Commission (FSRC) were completed in the [October-December] quarter”.

Six of the proceedings were either finalised or being litigated at the end of last year. The regulator’s action against ANZ in December marked the final civil case for ASIC from the FSRC.

“A constant theme of these investigations has been the failure of large financial services entities to honour agreements with customers and to ensure proper processes and systems are in place to prevent widespread compliance failures,” deputy chair Sarah Court said.

“ASIC will continue to take enforcement action in relation to misconduct of this nature.”

ASIC also reiterated its new responsibilities as the single disciplinary body for financial advisers as part of the Better Advice Bill as well as take over administration of the financial adviser exam from the Financial Adviser Standards and Ethics Authority (FASEA).

“ASIC is committed to supporting the advice industry in its efforts to ensure everyday Australians can access quality advice at a reasonable price,” commissioner Danielle Press said.

“We will continue to engage with industry and prioritise initiatives that address its concerns about cost and regulatory uncertainty.”

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.