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Advice Firm Should Resist ASIC Attempts

November 23, 2017 imac legal 0 Comment

Advice firms should resist any attempts by ASIC to force them to accept remediation outcomes that involve them trading away hard-fought monetary limits through external dispute resolution schemes such as FOS, according to imac legal & compliance Principal Lawyer Ian McDermott.

“We understand ASIC is getting close to releasing its regulatory guidance on advice review and remediation programs. ASIC’s media release on this issue in May 2015 suggested that “licensees may be required to waive any time limit, monetary or other limits that might constrain the EDR scheme’s jurisdiction”, Mr McDermott said.

Read the full article in Professional Planner


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