ASIC’s remit is very large. It has increased greatly since ASIC was first established. As I noted in the Interim Report,[1] ASIC now administers 11 pieces of legislation and their associated regulations.[2] The legislation itself has grown longer and more Read More …
Tag: fsrc
Introduction
I said in the Interim Report that almost all of the conduct identified and criticised in that Report contravened existing norms of conduct and that the most serious conduct broke existing laws.[1] Notwithstanding that, the law was too often not Read More …
Introduction
The second matter that emerged in connection with the provision of financial advice is that clients have often been given poor advice that has left them worse off than they would have been if proper advice had been given. I Read More …
3.1 Flex commissions
I discussed the use of flex commissions in the Interim Report.[1] As I recorded there, under that kind of arrangement, the lender fixed a base rate of interest that would be charged under the loan agreement. If the dealer could Read More …