Damning revelations from Australia’s Royal Commission
By Kirsten Hastings, 27 Apr 18
The second week of Australia’s Royal Commission into financial advice was not a let-down after a jaw-dropping first week. Click through the slides below to see what happened…
The head of Asic’s financial advisers unit, Louise Macauley, admitted to the commission that the regulator has not sufficiently used its powers to tackle misconduct, reports Nasdaq.
Rowena Orr asked: “Do you think Asic has used its banning powers enough to deal with misconduct in the financial advice industry?”
Macauley replied: “No, I don’t think we have. I think we have used them to the best of our ability given our resourcing levels.”
She said that the regulator had only suspended two company licences for legal breaches in the past five years.
However, the suspensions had no practical consequences, as the firms had used a different licence to continue operating while suspended.
To recap the jaw-dropping events of the first week, click here.
Tags: AMP | Australia | Royal Commission
