The corporate regulator has rejected an assertion from liberal MP Bert Van Manen that its advice lookback requests “back as far as 2008” assess advisers on the basis of standards that did not exist at that time.
Speaking at the Parliamentary Joint Committee inquiry into ASIC’s oversight on December 16, Van Manen voiced a common line of complaint from the industry – that benchmarking advisers against today’s regulatory standards for work completed many years ago is contributing to undue fear and forcing the sector to overcompensate compliance.
“Does ASIC acknowledge that these circumstances heavily influence how the financial advice sector responds to regulatory risk?” the MP asked.