FPA recommends improved regulatory measures for ASIC in Senate inquiry submission

In a submission to the Senate Economics Committee inquiry into the performance of ASIC, the FPA has recommended several measures to improve the efficacy of the regulatory body

Some of the key recommendations in the FPA submission include:

• Improved design and clarity on ASIC’s operations and key responsibilities
• Defined key performance indicators to more effectively measure performance
• Greater co-regulation and cooperation between the regulator and professional bodies
• Development of criteria to define and establish what is an accepted professional body
• An increased role in regulation of ‘gatekeepers’, including product providers and research houses.

Dante De Gori, General Manager of Policy and Conduct for the FPA, said that its recommendations are intended to improve transparency, effectiveness and deepen understanding of ASIC’s role in the industry and financial services community.

“As our chief regulatory body, ASIC plays a critical role in consumer protection. The FPA’s purpose in submitting these recommendations is to promote measures that will boost ASIC’s ability both to improve and to police the standards of behaviour and accountability throughout the financial services industry for the benefit of the consumer.”

The full submission can be viewed in full here.