SMSF Association Submission
The SMSF Association welcomes the opportunity to provide this submission in response to the Financial Regulator Assessment Authority’s review into the effectiveness and capability of the Australian Investments and Securities Commission (“ASIC”).
Our submission focuses on the consultation questions in section one of the paper: ‘Strategic prioritisation, planning and decision making.’ While we acknowledge the five (5) ‘key questions’ asked, particularly questions (2) and (3), we have not segmented our response as our submission intersects each of the questions asked.
We acknowledge the important regulatory role of ASIC which includes a mandate to reduce the risk of harm to consumers, while helping to educate and inform them.
We have concerns about the potential for declining engagement between ASIC and professional associations and an emerging culture of reduced consultation and engagement.