CP247: Client review and remediation programs and update to record-keeping requirements
The Consumer Action Law Centre (Consumer Action) welcomes the opportunity to comment on ASIC’s Consultation Paper 247: Client review and remediation programs and update to record-keeping requirements.
We generally support the proposed regulatory guide on review and remediation programs. Briefly, this submission recommends:
- that the scope of the regulatory guide should be broadened beyond financial advice;
- that ASIC regulatory outcomes should align with the principle that programs should proactively remediate all clients that have experienced loss;
- that the regulatory guide encourage licensees to consider utilising the services, skills and resources of their EDR scheme as part of any review or remediation program;
- that review and remediation programs be required to ‘go back’ a minimum of 7 years;
- that the decision-making criteria of programs prioritise what is fair in all the circumstances;
- that oversight of programs be truly independent, and that the views of independent overseers be binding on the licensee;
- that the regulatory guide clearly require public reporting on program outcomes, and set standards in terms of progress reporting; and
- that the regulatory guide append a sample fair settlement deed.
Read the full submission here [PDF]
Submission-ASIC-CP-247-April-16