Advisers Should Be Wary of EDR Schemes

Advice firms should push back on any moves by the corporate regulator that would force them to accept remediation outcomes that would see them trade away hard-fought monetary limits through external dispute resolution (EDR) schemes, a legal specialist working in the area said yesterday.

ASIC regulatory guidance on the advice review and remediation programs was soon to be released and the regulator had previously suggested licensees might be required to waive any time, monetary or other limits that might constrain the EDR scheme’s jurisdiction, imac legal and compliance principal lawyer Ian McDermott said.

Read the full article in Financial Observer