subscribe to our newsletter
ASIC receives industry support for CP216

ASIC receives industry support for CP216

Katarina Taurian
12 November 2013

A recent roundtable hosted by the corporate regulator has revealed SMSF industry stakeholders support the disclosure proposals in Consultation Paper 216 (CP216).

The Australian Securities and Investments Commission (ASIC) held separate CP 216 roundtable discussions in October for industry stakeholders and consumer representatives, ASIC commissioner John Price told delegates at the Institute of Public Accountants' National Congress on the Gold Coast last week.

Mr Price said stakeholders generally supported the disclosure proposals in CP 216, with several industry associations stating their members already comply with the disclosure proposals.

“This is encouraging both in terms of consumer protection and because it means industry is able to implement the proposals with minimal cost and disruption,” Mr Price said.

However, one concern that was raised by industry was whether these proposals are indicative of prescriptive disclosure requirements for advice about other financial products.

“As we said at the roundtable discussions, and I will say it again… this is not on the cards,” Mr Price said.

“To be very clear, ASIC is not proposing a mandated minimum balance, but rather, is looking to provide clearer guidance on this issue based on research and on industry and investor views,” he added.

Speaking separately about auditor registration, Mr Price said ASIC has delivered approximately 220 auditor competency exams to date, with 80 per cent of those sitting the exams having passed so far.

“Candidates are generally permitted two attempts at the exam, but very few second attempts have been taken,” Mr Price said.

“Around 10 per cent of those that have failed their first attempt have made a second attempt. This may indicate that candidates are seeking further training before making their second attempt, to ensure they are up to the required standard.”

ASIC receives industry support for CP216
smsfadviser logo
join the discussion

Do your clients plan to add additional members to their SMSF if the new six member limit is passed as law?

SUBSCRIBE TO THE
SMSF ADVISER BULLETIN

Get the latest news and opinions delivered to your inbox each morning

In this month's issue:

  • Time wrap
  • The tech bull run
  • From hobby to passion
  • Golden Years
  • An untimely reminder
  • Why change is so difficult
  • Key Strategies for equalising super