ASIC has re-affirmed its commitment to detecting instances of misconduct and poor practices within the superannuation sector, after receiving a significant resources boost from the federal government.
In a document Corporate Plan 2016, released yesterday, ASIC said it will be paying close attention to the gatekeeper culture “that is driving poor conduct within the financial advice, credit, insurance, superannuation and managed fund sectors”.
Target areas will include reward and incentive structures, recruitment and training policy, whistleblower policy, conflicts of interest, nature and level of complaints and complaints handling, and conflicts of interest.
It will also assess the remediation policy and procedures, and corporate governance frameworks to support customer-centric culture.
ASIC chair Greg Medcraft said gatekeepers play a crucial role in the overall health of the financial system.
“Their conduct influences the level of trust and confidence that investors and consumers can have in the financial system,” he said.
“Ensuring that Australians can have trust and confidence in the financial system and that markets are fair and efficient is at the heart of everything we do at ASIC.”
ASIC said it also wants to leverage its financial literacy resources when developing consumer education messages relating to superannuation and retirement.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 21 Aug 2016Risks flagged with real estate appraisal valuesBy Miranda Brownlee
- 21 Aug 2016Lawyer challenges ATO view on two fund strategiesBy Miranda Brownlee
- 18 Aug 2017ATO locks in details, addresses panic on real-time reportingBy Katarina Taurian
- 18 Aug 2017Data feeds unreliable for new reporting, says mid-tierBy Miranda Brownlee
- 18 Aug 2017Tax component confusion spurs potential tax liabilitiesBy Miranda Brownlee
- 18 Aug 2017Contributions triple in June quarter, survey showsBy Staff Reporter
- view all
- ATO locks in details, addresses panic on real-time reporting
The tax office has addressed several points of confusion with the new events-based reporting regime, locked in key deadlines, and outlined w...read more
- Data feeds unreliable for new reporting, says mid-tier
With an estimated 20 per cent of SMSFs still encountering errors from data feeds, one mid-tier firm believes the ATO should allow SMSF pract...read more
- view all