ASIC flags surveillance around DDO compliance
![ASIC website browser image](https://financialnewswire.com.au/wp-content/uploads/ASIC_financial-min.jpg)
The Australian Securities and Investments Commission (ASIC) believes the financial services industry has had long enough to bed down the design and distribution obligations (DDO) regime and has flagged adopting a tougher approach.
Included in that tougher approach will be a surveillance exercise and the possibility of ASIC action where it detects shortcomings.
ASIC chairman, Joe Longo has told a governance summit today that the regulator believes the industry “is reaching a point where it has had sufficient time to bed down its implementation of the regime”.
“We will therefore be expecting compliance with the regime, and across this year we will pursue a targeted surveillance approach,” he said.
Longo said that, out of that surveillance, ASIC would be moving to enforce the obligations where necessary.
Just wind them up please so the rest of the financial planning industry can move forward without an albatross around…
Compare the pair.
I have clients who have been told to produce evidence they are with cbus or else they can't work on…
Unionist were appointed to the Reserve Bank Board as some sort of pay off. You missed where the Wayne Swan…
It concerns me that only months ago the Government was considering giving Union based Industry Funds the power to advise…