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Don’t Trade EDR Monetary Limits

A specialist financial services lawyer has urged advice firms to resist any attempts by the Australian Securities and Investments Commission (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.

The lawyer, imac legal & compliance principal, Ian McDermott said he believed ASIC was getting close to releasing its regulatory guidance on advice review and remediation programs having earlier suggested that “licensees may be required to waive any time limit, monetary or other limits that might constrain the EDR scheme’s jurisdiction”.

Read the full article in a Money Management

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