ASIC and the limits of disclosure

Smarter Compliance. Licensees and advisers have traditionally relied on
disclosure as the solution for a range of regulatory, advice and legal
risks. The fundamental problem is that disclosure is a spectacularly
ineffective consumer protection mechanism. In the context of the Banking
Royal Commission, both the Government and ASIC are focusing on trust,
transparency and accountability as better alternatives to disclosure and
equipping ASIC with the powers it needs to be active, feared and effective.
In this context, the course of action for licensees and advisers is clear –
less disclosure, more clarity.

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