The new service will feature higher monetary limits and compensation caps
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