Consumer protection: the ASIC priority

Article Abstract:

Australian financial service providers are subject to the 1998 law which created the Australian Securities and Investments Commission (ASIC), which is responsible to overseei compliance with new regulations. The new law requires a financial adviser's license, an in-house and an external complaint resolution process, warnings about the type of recommendation given, and provision of the Advisory Services Guide which covers remuneration and services offered. ASIC has the power to bring suits without invoking the Corporations Law; for example, in cases of promoting without a prospectus or funds misappropiration.

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Independence day?

Article Abstract:

The Survey on the Quality of Financial Planning Advice (February 2003), conducted by the Australian Consumers' Association (ACA) and the Australian Securities and Investments Commission (ASIC) gave rise to plenty of discussions on the financial planning. The debate centers around the fact that many accountants provide financial advice and also sell products that requires strict regulation of the independence definition under the Financial Services Reform Act (FSRA).

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Young women expect bright future

Article Abstract:

The new economic survey reveals that women in 20s and 30s are more confident about their financial prospects when compared to men of same age group. The other emerging differences in the male and female financial perceptions are reported.

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