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The new service will feature higher monetary limits and compensation caps

  • February 14, 2018 February 14, 2018
  • 14:33

Australia’s regulatory sandbox to remain unchanged

Inquiry adds to challenges at Australian banks

The review aims to assess whether investors are getting useful information

The ASIC is making the move, which will consolidate obligations and prohibitions for licensed financial markets, to reduce regulatory red tape

ASIC wants to ensure retail advice firms put processes in place to compensate their clients for losses suffered as result of advisor misconduct

Poor industry conduct has eroded the trust and confidence of investors

A separate ASIC report reviews conflicts of interest in in vertically integrated funds management businesses

Brookfield Asset Management, CPPIB and B.C. Investment Management are part of the initiative

National Australia Bank will be contacting clients who may have received non-compliant advice