Speaking notes from a presentation by Ian Johnston, ASIC's Executive Director, Financial Services Regulation, to the Financial Planning Association Principal Members and CFP Conference, Gold Coast, 10 May 2002.
Introduction
Good afternoon: It's my pleasure to be speaking with you today on what I hope are a number of both interesting and topical subjects. Now that the Financial Services Reform Act is underway, I propose to revisit the regulatory rationale behind it and address some of its specifics that have relevance to your industry. I also want to use this opportunity to deliver messages regarding our expectations, and aspirations, of industry.
In the latter part of this presentation, I will touch on a number of ASIC initiatives: projects that we are undertaking with a view to improving industry practices.
Let's start by revisiting how FSRA came about. In 1996 the Australian Government established an Inquiry into the Australian Financial System to review the significant changes to the regulatory framework since the Campbell Committee Inquiry in 1981. The 'Wallis' Inquiry, as it became known, was to review these developments, consider the factors likely to drive further change, and to make recommendations for possible further improvements to the regulatory arrangements.