Flash from ASIC
By
Julia Newbould
Mon 05 May 2008
Last week, InvestorDaily sent out a newsflash announcing the appointment of John Bligh as ASIC's new chief executive.
Last week, InvestorDaily sent out a newsflash announcing the appointment of John Bligh as ASIC's new chief executive.
We don't take the sending of newsflashes lightly. We don't want to disturb our subscribers with unnecessary information, but we sent the news as soon as we could because we thought a new head of the industry's main regulatory body was vital information for our readers.
The body that grants licences, can retract licenses, can issue enforceable undertakings and more has a great impact on financial planning practices and changes to it are a big deal.
But the newsflash caused bemusement for some of our readers who were already aware of the 'news', with Bligh having taken up his appointment in February.
In a press release issued last week, ASIC chairman Tony D'Aloisio announced he was "delighted" to welcome Bligh to ASIC. Clearly the delight overwhelmed him in announcing the appointment when it was made over two months ago.
Bligh not only took up the CEO role in February, he was recently also appointed Victorian regional commissioner.
When the corporate watchdog makes decisions concerning planners or companies, or requests a hearing, often there is a 28-day period in which to answer.
It seems double that time for ASIC to report such big news as a new head is a little extreme and somewhat lax for a regulatory body that should be working closely with industry and making sure its own dealings are transparent and open to the industry it supposedly so closely monitors.
This issue of IFA, which contains the latest Dealer Group Survey, is one of our most widely read.
Again we find there are not many changes to those in the top positions, but there are changes occurring a little further down the tables, and with the strategies employed in attracting advisers we expect greater changes next time around.
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