ASIC seeks more power to intervene in financial system
Date August 26, 2014 - 7:22PM Ben Butler and Clancy Yeates
The corporate regulator has joined voices calling for financial advisers to hold a university degree, telling the financial system inquiry it supports the move because investment products are "complex and not well understood by consumers and investors".
In its submission to the inquiry, headed by former Commonwealth Bank chief executive David Murray, the Australian Securities and Investments Commission also asked for the power to ban investment products and intervene more heavily in the market.
The moves come as Financial Ombudsman Service prepares for a potential wave of complaints from aggrieved financial planning customers of Commonwealth Bank and Macquarie Group arm Macquarie Private Wealth.
Hmm, degrees no less!
That may be useful for our grandkids.
Regards,
